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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: skinowski who wrote (123130)	8/19/2005 8:06:20 PM
From: Shack	Read Replies (3) \| Respond to of 209892

I think that in the big picture we are in a topping area Well you may be right but I am not in that camp until I see more calls being bought, more money in bull funds and subsequent to that (and most importantly) a chart breakdown in one of the major indices. IMO any rallies may very well remain sector/stock specific but I don't see anything shaping up yet to indicate a wholesale top is in or coming with the possible exception of the large ED patterns. The one piece of sentiment which I find supporting the bears is the small spec position in the SPX contract is at 6 month highs. But even this number is still quite shy of where it was back in late 2004 when a larger correction evolved. But overall things are more lined up for a bottom for me, not a top.