Culmus, maybe, just maybe, TA and FA do "jibe". The question one may want to ask is how much less borrowing corporations and consumer are going to practice before these series start and expand again. The through in these series, fundamentally, should coincide with the through in business activities. Yet, it is very unusual for a bear market to end with the type of lack of negative extremes we got in the last two months. One can take the position that the bear market ended in October last year (where such extremes were present), but the counter argument to that position is that if the bull market is already seven months old, how come not one of the Dow stocks are hitting yearly high (I don't want to bring all time highs in the picture). This bothers me a lot. One of many reasons I have not donned the horns.
Zeev
