lostalot, my basic medium term stance is still that the July 23 was the technical bottom and we are n a cyclical bull move. "Teddy bear suit", or now just "bear suit" (since I expect more than a 100 Naz points swoon down) are just short term intermediary stances. I have mentioned in a recent post that the market behavior at three critical points (1347, 1301 and 1279) could easily send the suit back to the cleaner. Things to look at would be increase in new highs wile the market is going down, P/C ratio going above 1 during such a decline, volume contraction on a move down (but that is much less telling than other indicators) and volume expansion during ascents (first was yesterday, and not particularly big either).
Zeev
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