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[PorkLoin]

Today's big down volume and exceedingly weak breadth looks to me like a signal that the bearish view, at least short-term, is correct. Still looking good for five waves down from this year's high, and three waves up in a correction completed at this month's high. I would say that the DJIA is now a low-risk sell against this months high, as well as against the 2004 high on an intermediate term basis. The Commercials being long a lot of Nasdaq futures bugs me, but the Naz turned lower in a meaningful way today too. The Nasdaq and the S&P are also good sells per my bearish view here, looking for at least a similar decline to the one this past February to March. Breaking last month's lows would be good confirmation, and at that point we would be faced with figuring out whether to bet on continued decline -- that the whole March 2003 to February 2004 rally is done -- or if we're just doing a larger three-leg correction down from the Feb. 2004 high. Best, Doug

[mss]

DOW getting weaker & weaker in a hurry, short bounce tomorrow, maybe. mss