I agree, we have to see new lows on the Naz expanding above about 50 on the next retrenchment before starting to change the basic medium term positive outlook. Short term, though, the upside momentum is somewhat damaged, and I fear, however, that this (more than 50 new lows on the Naz) could happen quite fast. Furthermore, I also fear that we have put in a high in the new highs count coinciding with a local high in volume, and if these are not overtaken on the bounce from the next retrench, it may very well indicate a deeper three months or so decline in general. We'll have to see how the opera proceeds...
Zeev
