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To: Les H who wrote (10628)	6/13/2004 7:37:22 PM
From: Return to Sender	Read Replies (1) \| Respond to of 29604

Les, I agree that the tops and bottoms seem much more definite when the SOX, hardware indices and NWX turn together. It's interesting to see such a strange divergence in the numbers. The semi's have turned phase down but the price phase numbers are climbing. I don't remember this being a normal occurrence? The networkers finally look like they too are nearing trend strength top numbers but have been in moving up in phase for some time but still have negative but improving price phase numbers. I don't know what to make of that? In addition the collective TRIN numbers are all flashing warning signals that are suggestive of a top. That goes with the phase change in the SOX and the near full strength in the trend strength of the NWX. That works well with the volatility indices near annual lows which is also suggestive of a top. But the total put to call ratio moving averages numbers are so high that they have to be supportive of further upside or at least perhaps limited downside. investorshub.com investorshub.com investorshub.com Needless to say I am confused. Can you shed any light on your own expectations for the market based on your numbers? Thanks, RtS