Right now, I have no opinion as to which way that range breaks, technically, the bias is still positive, though (look at number of stocks above 10 DMA, for instance, a level from which another leg up could be built). Look at the details for the March 2003 bottom (http://www.siliconinvestor.com/readmsg.aspx?msgid=18784779) and where we are right now
(played both the September and October 2002 bottoms at the time based on these and EPC then, and the EPC did go to 1 in both cases, but not now), but since we are not at a major bear bottom, you should not expect the type of extremes registered in September 2002 and October 2002 (and if you study the late June 2002, and late July 2002 numbers, you will see similar formations leading to major ramps, but not yet the end of that bear leg).
Mind you, if the following ramp rapidly gets to EPC well under .45, and 10DMA on the sox rushes to 90, together with other leading groups, without making a new recovery high, then I would tend to come to the bearish camp. Until I see these numbers, I really do not know and keep "flexible".
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