Sharky,

I'm sorry to say it but I think the guy is not far from the mark. The markets act very irrationally but at the end of the day they cannot act this way forever and eventually there has to be a levelling out with sentiment trending towards real fundamentals. Unfortunately for the moment and as far as I can see quite a way into the future the fundamentals are in poor shape. It's the same for technical assesment of the markets they have to eventually align. Of course traders don't care one way or the other but for investors it does. Long term we will come out the other end smelling of roses but for now limited short term exposure is the order of the day.

Thanks also for posting the S&P chart, a very appropriate chart as I think it forms the benchmark for most markets to follow. From my (very inexperienced) reading of it I don't like the signs much. I point first to the doji a few days ago which looked good for the bulls. Unfortunately there was no confirmation of the turnaround appearing the next day with a down day. Hope was not all lost as there was a bullish hammer the next day, unfortunately again confirmation failed the following day. However the close of that day just happens to coincide with the bottom of the doji. Also right around there (11,160) is a 50% retracement level from an earlier sell off. This seems to point to a new resistance level. I think we need to see this level broken on big volume to confirm a turning point. Day before yesterday we again saw the bullish hammer appear which bounced nicely off the Feb. support giving a very bullish signal but again no confirmation yesterday.

What I think may happen and I will be on the lookout for it, is a retracement back to somewhere near the 11,160 mark and an absence of any further bad news. This will buoy most stocks and hopefully Connacher. At that point I will be looking to pull the sell trigger if it fails to break through on the upside.

Of course this is only my observation.

Den