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We last mentioned Walter Deemer's views on the cyclical bull, secular bear market back in 2004. He was profiled again last week in Barron's.
Here's an excerpt:
You've been pointing to the Nasdaq as the most vulnerable area of the market for a long time. Are you surprised it has held up?
I'm surprised because in a normal four-year cycle -- and I keep going back to the four-year cycle, because it has worked since the end of World War II, and when something works as long as that, you have got to believe in it -- the market goes up for a little more than two years and then goes sideways as it forms a top.
But the point of demarcation in the average comes usually somewhere late in the second or early in the third year, which would have been somewhere in late 2004 or early 2005. Yet the market has just hung in there and hung in there and hung in there. That doesn't mean you can't have a full-fledged four-year cycle decline, because some of them only take three or four months to complete, and that doesn't mean the Nasdaq is still not vulnerable.
What's activity in the Rydex funds pointing to?
At the peak a couple of weeks ago, 37% of Rydex's sector-fund money was in their energy funds, which is a huge, huge number, especially since they only have two energy funds. I'm convinced the Rydex Fund players are doing the same sort of thing that hedge funds are doing. I think a lot of the smaller hedge funds are using the Rydex funds to move in and out of the market, in and out of sectors, and in and out of bearish funds. I'm seeing general complacency.
I should cite another study, too, which is the ISI Group's hedge-fund survey. A couple of weeks ago, their gross exposure hit an all-time high, which means hedge funds were more exposed to the market than they have ever been before -- which possibly can be explained by the lower volatility: It takes more dollars to achieve the same result. But, at the same time, the net exposure was just about at an all-time high. It is a contrary indicator.
The hedge funds are the driving force in the market these days, and they are still most bullish at tops and most bearish at bottoms. The Rydex numbers confirm there is a lot of bullishness, or to put it another way, there is not much active bearishness. People maybe talking bearish, but they don't seem to be acting bearish." (emphasis added).
Source:
Loaded for Bear
Interview With Walter Deemer, Publisher and Principal of Technical Analysis, DTR
SANDRA WARD
Barron's, Monday, February 20, 2006
http://online.barrons.com/article/SB114021824432777477.html
geschlossen ;-) Das Eröffnungsgap von gestern oder von heute oder beide ;-)
Beste Grüße vom Gesellen 
dann siehst Du noch ein gap vom 14.02. ;-)
Beste Grüße vom Gesellen 
Die Spitze bei der weißen Kerze am 13. war das high, der DOW hatte aber ein paar Pünktchen tiefer geschlossen. Wenn das gap sauber geschlossen wäre, dann müßte die Kerze vom 14. bis auf den Kerzenkörper und nicht nur bis zu dem Kerzendocht laufen. Daher nicht sauber geschlossen ;-) Ist aber egal, irgendwann werden wir auch dieses gap noch schließen, und wenn es ein paar Jahre dauert *ggg*
Beste Grüße vom Gesellen 
aus dem Ölmarktbericht machen ;-)
Beste Grüße vom Gesellen 
eine Rolle spielt *ggg* Aber es könnte als schöne Begründung für moves hergenommen werden ;-) Wenn Öl fällt und die Indizes auch, dann verdienen die "Ölmarkt"firmen nicht mehr so viel. Fällt Öl und Indizes steigen, dann wird die Produktion "günstiger". Gründe gibt es immer ;-)
@Spuk, wie wäre es mit der Entwicklung eines Handlungssystems? Nur so als Vorschlag ;-)
Beste Grüße vom Gesellen 
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