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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: chainik who wrote (61526)	5/20/2006 1:05:19 PM
From: skinowski	Respond to of 110194

Looking at XLB.... Previous tops from last year and earlier this year near 32 held so far as support. From an EW POV, looking at the hourly chart, the decline up to date consists of 2 impulsive moves, with the 2nd ~78.6% of the first. If XLB rallies from here decisively and breaks above 34, that would clearly increase the odds for new highs. If, instead, it consolidates and then breaks down to new lows, that would strongly suggest that the decline is... well, the "real thing". OT - sounds like the Russian market was pretty wild - up 80% last year, followed by another 70% this year, and then - down 15% over the last few days. "Experts" are advising customers to "ruble-average" into the decline beginning now, saying that a "very unlikely" fall of another 20% would be a great buying opportunity. Who knows, maybe they are right... ;)