3 Aug 2011

 Hold long short term still bouncing.  Remember I like to buy (or sell) when this challenges a recent low (high) and stops above (below) it - not during the first low (high).  Oversold (overbought) conditions can persist for longer than one can remain comfortable.

Hold short medium term continues to rally.

http://stockcharts.com/h-sc/ui?s=$NASI&p=D&yr=3&mn=0&dy=0&id=p10664371281
This is interesting.  As you can see, it is still substantially above recent lows. 

The NYSI doesn't exhibit the same behavior, but it is similar.
http://stockcharts.com/h-sc/ui?s=$NYSI&p=D&yr=3&mn=0&dy=0&id=p76347066662

To summarize, I wouldn't be buying ... yet.  I wouldn't be continuing to open new short sales either.  I know that is fence sitting, and boring, but it is safe.