Thursday, July 08, 2004

This action is exactly what we need to see to wring out that speculation I kept noting last week.  We should start to see a good shift in the Rydex assets to the bear side, and the put/call ratios have already shown some large put activity (even w/out QQQ options).  We should be getting close, price-wise, to a tradeable low, but time-wise I think we still have some work to do.  I am still not inclined to buy aggressively, instead I prefer to wait until there are more signs of traders actually giving up the ghost on the long side.   2:42:15 PM