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sandeeps

01/03/06 11:57 AM

#68366 RE: chainik #68365

Double bottoms on SOXX and SPX. Too many people are bringing their negative bias into chart reading. Market could rock higher on favorable Fed minutes...
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Justa Werkenstiff

01/03/06 12:43 PM

#68370 RE: chainik #68365

C: No, the OEX guys are not positioned for a big dump it seems but the warning signs are growing. Aren't the commercials getting shorter on the SPX in here? If so, I don't think that is particularly bullish going forward and may be the prelude to a positioning move by the OEX guys.

Today, fwiw, at the lows, there was an intraday buy on the RUT and pretty much everything else with the notable exception of the Sox.

The NDX and NAZ action is troubling despite the rebound here as they are on a slippery slope with no closing buy signals and no favorable daily candles.

The SPX action was constructive even at the lows making a slightly lower low on the down and printing a good daily bottom candle in the process.