Replies to post #1449 on The New CS Board

[upn8th]

dww. Thanks for the post. Aside from the difference in economic conditions, I have always keyed in on the triple hi/low period of the 70's, as a comparison (chart and ta-wise) to now. Whereas, we have so far seen two similar highs and lows. And, should the pattern similaity continue, then a higher high would be next, then be followed by a possibly final lower low. What do you think? Thanks. upn.

[dww10063]

Extreme breadth lows update, see post. The eyeball ruler says Nasdaq is trying to firm support around 4350 after briefly penetrating below it.




S&P needed to hold just below 1900 and briefly penetrated below that.




I'm showing usual severe bottom levels of 15 for Nasdaq 10dNH% and 30 for daily NYA200R in case they don't reach extreme levels of 10 and 20 respectively.

Respected money managers are saying we are at a great buying opportunity, might be, but historically the market forms a lower low in the Oct-Nov time frame; of course nothing rules out that it might be same or higher. Personally, I'm moving net short leveraged index funds to market neutral, leaving conservative positions (mainly PRWCX and some PRPFX) unhedged and will await further developments. The above is of course not intended as investing advice and is just an explanation of how I read the market charts at this point. Good luck trading/investing, Don