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To: Shack who wrote (98213)	5/29/2004 2:37:25 AM
From: nspolar	Respond to of 209892

Re BKX ...<It sure looks like 5 waves off the top> My preferred for Mr BKX might be that it is doing an ABC off a top, and is now in iv of C of B. Per this scenario I am looking for a top end of week of 14 June, between 98 and 99. That would complete the B of an ABC started off the top, and would be a prime spot to short financials. No positions at present. ttrader.com

To: Shack who wrote (98213)	5/29/2004 11:10:39 AM
From: skinowski	Read Replies (1) \| Respond to of 209892

BKX last week tested the area just under 98, which also happens to be the previous ATH in December 2000. The same area served as resistance - and then support - earlier this year, until the index gapped under it on 4/14. Looking at the weekly, this is where the first leg of the current decline ended, on 3/24. I'd have to say that above 99 or so, the BKX would start turning from being the best bearish argument - into the best bullish one... so it would seem. I remain a worried (but comfy in the plus ) bear for the time being. I'd like to add that imho the "4th wave" theories vs. whatever... are less relevant to trading, than to being in fact some sort of a... sentiment poll. In reality, I don't see how anyone can put money on those "counts". We'll get enough indications as to which way the next few hundred points are more likely to unfold.