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To: Shack who wrote (126683)	12/4/2005 10:49:11 PM
From: Henry J Costanzo	Read Replies (2) \| Respond to of 209892

<<Wave-wise I have no handle on the indices, haven't for two years. >> Well, Shack, that certainly makes ME feel better about my lack-luster performance trying to read the waves since the early 2004 tops.....vbg <<.......COMP target (-g)....now sporting a "3" as the lead digit....>> ...... VERY interesting.......

To: Shack who wrote (126683)	12/4/2005 10:53:06 PM
From: skinowski	Read Replies (1) \| Respond to of 209892

It looks like small speck are building up a rather extreme long position in the e-minis, while the commercials are getting shorter. I am not sure what to make of the Rydex Ursa/Nova ratio, but - in any case - it recovered enough to challenge the levels were it was at last summer's highs: schaeffersresearch.com Broad markets were more or less in a range for the last 2 years... no wonder that it is hard to divine from the charts anything with real predictive value. Just lots of tired, choppy wiggles. Was this entire period a large consolidation, and the resolution will be up? Or, was it part of a topping process? To me, the hints I get from the sentiment are bearish. SPX retraced 62% of the decline... the Naz is still just a shadow of what it used to be... and yet, people talk about new highs, about the DOW increasing many times over... etc. Been there before... Bulls exude quiet confidence... Bears get no respect. Bottom line - imo we are more likely to be closer to a significant top than to a low. But - I'm not playing the short side to any significant degree without price confirmation.