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Hi All,
IMHO, speaking only to the NDX, the bears are quietly, slowly
being squeezed hard. Unless some serious exogenous (external)
event occurs they seem about to have their heads handed to
them. Anthrax news has not been even nearly strong enough to
stop this. 5 min NASDAQ adv/decl volume bars have been clearly
bullish for a couple weeks. Additional support comes from the
bears quietly changing their retest the lows in October
prognostications to retest the lows in November/December. I'm not
saying the long term downtrend has changed, nothing's different,
bearishness seems justified.
But, unless I had a solidly profitable short position or just
went short in the last few days with a close stop, I would be
losing sleep now.
Maybe I'm wrong. This market has shown the absolute minimum of
bullishness possible every step of the way this year. But that's
the beauty of day trading NDX futures. It means never having to
care which way the market goes so long as it moves 8-).
regards,
tbr
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