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Could we have a split market between the Dow and the Nasdaq? If the
Dow breaks out above this area we could be looking at targets of 11,600,
13,300 and 14,000 all +/- a little, or is this just another bear market
rally? Is tax selling over with? Looking at stocks like XRX I would
have to say no. If you are a trader you can't afford to be bearish or
bullish. You always have to look at what it will take to move price in
the other direction. What in your system will tell you that price will
move up instead of down and vise versa. When do you drop to lower time
frames for a better picture and when do you move to higher time frames
to get a better overall look. The Nasdaq has come within striking range
of my downside target. Is a new bull market in the offing? I can't
tell you, only the evaluation of the charts and price will tell that.
The point that I am trying to make is don't become myopic. Always look
in both directions. It is amazing how the view changes. I have attached
a weekly chart of the Indu. Does this look bearish to you? Just
another view. Have a profitable week. Ira.
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