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Strategies & Market Trends : Sharck Soup

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To: velociraptor_ who wrote (11492)	3/13/2001 7:49:15 AM
From: Sharck	Read Replies (1) of 37746

Things look like they are going to get downright ugly over the next week or so, but we have some nice clean trend lines to watch. Morning Velo, RE things getting ugly. If I read your charts correctly we have some significant support lines just south of where we sit now. Got to go back a few years to find them though and the times they have changed. I feel we could easily drop down to 1850 but will be sitting on the sidelines today. Futures are all over the map and an early AM spike helped drag Euro tech stocks out of a potentially severe situation. Naz futures here have since given up the goose coming down from +38 to negative 5 now and I have not been able to track down the reason for the spike. That been said it shows how much uncertainty remains out there and that = volatility. If readers to this thread who have stuck around this long I would urge you to remain cautions and watch for yet another bear trap. There are tons of over priced stocks out there still waiting to be weedwhacked. If you must feel it is time to go long for anything but a swing trade, I urge you to consider selling far out of the money calls against your positions. The premiums are still reflecting the volatility of last year with the outrageous mkt caps, a relatively safe spread on a play that we don't get there again this year... Note we did NOT yet get the massive one day panic sell off that would trigger a more decisive end to the capitulation. A factor that still weighs on my own strategies.... Good luck, lata... S

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