SPDR S&P 500 (SPY)

[Two-timer]

Hey, Hook. They're playing games, as you can see. The NDX downtrend that started intraday 11/16 (and on a closing basis on 11/17) is still intact. But unlike previous declines, they're playing this one out very slowly and incrementally. A little down, a little up, repeat. But the NDX has to bottom and turn before we start the Christmas rally. My guess is that the bottom will play out either later this week or early next week. Or perhaps we just meander around these levels going into the holiday? That's what happened back in Dec., 2003, as I recall. Tricky bastards, aren't they? Two