I think we are still in major bear, within that we get runs to the 200 DMA, sometimes we spend a day there (like the November top) sometimes a week like the January top sometimes we don't even get that high, like the late February top. Right here, I don't view it as a decline interrupted by one three days run, but a decline interrupted by three runs. One would expect the interruptions to be shorter as we go, particularly in the weakest index (the Dow), which I think will not even match the late February highs (8055), we reached Friday 7961, we may have a little more, but I don't think we close above 8000.
Zeev
