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Any move from here is a retracement of a down move. How long will it take to turn the bear into the bull again? The Dow
can rally a 1000 points and still be in a down trend. Does it mean you can't make money trading the retracement? No.
There is plenty of room for profit trading contra trend. One just has to understand that the bull or bear is determined by
the trader and his/her time frame selection and not the market. There are always two trades, one up and one down. It is up
to the trader to select the one he/she wants to trade. Ira.
Steve Walker wrote:
> There is quite a bit of evidence that an intermediate turning point is in . In addition to the COT data I sent earlier:
>
> March 16: the total index put/call ratio hits a very high 1.08
> March 16: the equity put/call ratio hits a very high .97
> March 16: the five day avg of adv issues total - five decl issues hits a high of
> -923.
> March 21: Rydex (Nova + OTC assets) / Ursa hits a very low 4.57
> March 22: intraday VIX hit 41.99
>
> A Bollinger Band application to the equity put/call ratio has signalled "Buy" for nine days running.
>
> Thursday afternoons price reversal combined with the follow thru on Friday.
>
> So, I am wrestiling with a change of strategy. Is it time to switch from "sell the rally" to "buy the dip" ?
>
>
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>
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