wstera, the trip back (from the turnips patch) is bringing with it an increase of the probability that the next major top will be well above the initial target of 1526/55, in the 1757 or 1834 area. The latter would be a 50% move on the Naz, which the turnips classify as a cyclical bull move, I am not sure if this classification is accepted outside the turnips patch, however. Still, the market is finicky, and even its underlying "sentiments" may turn on a dime. Now, more than anything else, we need to see a gradual expansion of volume and of new highs, and that while the equity P/C ratio stays well above the critical point of .45. The collapse of the VIX and VXN is actually a good sign short term. That collapse is giving us the change in the sign of their first time derivatives needed to confirm a bottom has occurred.
Zeev
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