Charles...another nice chart In a bear market I think we could bounce in that wedge until we ran out of space. But this is not a bear market, so i decision must be made soon.
What else to expect but a pre hurricane rally?? Ndx lows yesterday bounced off the Hurricane Katrina rally day lows.
Infact it is not oversold ( yet ).... ....and to get there it has to drop to levels that are not realistic given the general decent health of the economy and the very positive earnings that clearly have been the base of support for this martket after declines.
I am really not expecting much today ..... I will rebalance a few positions today in preparation for next week ....
Looks to me, that this market is not ready for an intermediate term bottom, just the hurricane short term trading bottom it established yesterday. what say you all?