2004-03-10T17:34:00.001-08:00

The market tanked big time, folks! Not that we weren't already expecting the move, although the brutality of the fall surprised even me. We were right on in our timing of the COMPQ 60min chart, despite the fact that it didn't bounce as much as we'd have liked, and thus the potentially rewarding short was not triggered at all. I guess this reaffirms what we knew all along: you can't tell the market what to do.

Where does this move put us now? COMPQ has already been in distribution mode for about thirty days, and measure rule with wave A and wave C suggests wave E should be completing soon. Should be. McClellan stands at -48. We have the makings of a bounce right here, although what scares me is that the SPX and INDU are only just starting to roll over (in comparison to COMPQ), and we haven't had a solid up-day in yonks.

trending123 sees 1600+ on NDX in a couple of months, zanger will probably forecast a bounce right here. maybe it'll be worth waiting for my beloved follow-through day and ride the thing to the bloody moon.

doogie's thermometer: 0.7%
2004 target: 5%

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