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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: William H Huebl who wrote (71013)	5/28/2005 3:08:21 PM
From: Real Man	Read Replies (1) \| Respond to of 94695

I think we'll see next week. Things as I see them now are: 1) All major indices are extremely overbought right now, on daily charts. Tech stocks in particular. 2) The up-trend was broken for all 3 indices. We are now at that trend line, testing it from below. If we go above it, the bear move is negated. If not, the re-test is complete, and a major move down should start as early as Tuesday or Wednesday. 3) Here is the DOW theory view, with Tim Wood financialsense.com I'm bearish now, intermediate and long term. I have expected the bounce (not so difficult, given the Fed's behavior in 03 and 04). However, if we go higher next week, the intermediate trend will be up, and this madness will likely last a while longer. The currency then will be the ultimate judge of what happens next. AG will become the scapegoat of this century, IMHO. The only person who might have been more harmful to the economy in the long run than him was John Law, although the future will show if that's the case. He might be the worst.