Profunds index and sector trading

[Gizmo]

At this point my target is the TL shown in this chart http://www.investorshub.com/boards/read_msg.asp?message_id=13092868

We'd have to start living below the gap at 1534 and that retaken trendline before I'd be on board for 1400 and possibly 1300. I think it's doable as the soft landing theory is most likely 'pie in the sky'. A vague memory of something read is that 12 of the last 14 interest rate cycles ended in a hard landing.

IMO what's going on in the Nasdaq is that it is the beneficiary of a period of sector rotation, but certainly not by the institutional buyers. Volume doesn't support the notion of institutional buying. Funny, there starting to run the high pe stuff that couldn't be dumped quick enough a month ago.