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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Gary Martin who wrote (40116)	8/23/2003 11:15:34 PM
From: Return to Sender	Respond to of 69261

I share your opinion and your concerns. The only problem with the bear theory is even though we have not had high volume buying in this stock market advance since March we have had even less volume selling on the previous attempts to take the market back down. Friday was what I believe to be simple exhaustion in the latest effort to move the market higher. We have all kinds of sentiment indicators at or near all time highs in levels of bullishness. They have been there for an extended period of time. This should be a warning sign but all those permabulls see technical and sentiment analysis as useless metrics measuring data that is essentially worthless. You mentioned some very important divergences in what looks like to me a potentially failed rally but unless we see the market start printing lower highs and lower lows on the rally and failed rally attempts I would not be too secure in the bearish viewpoint either. Don't get me wrong I am short but I'm not so certain of my position to believe that I or anyone else should be fighting the tape which quite simply has been reading... All dips are bought leading to higher lows on the dips and even higher highs on the market runs. Keep an eye on the banking sector. If the BKX finds support then the market will too: investorshub.com investorshub.com JMHO, RtS