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Strategies & Market Trends : Sharck Soup

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To: velociraptor_ who wrote (23186)	5/16/2001 2:00:15 PM
From: marc chatman	Read Replies (1) of 37746

Raptor, I think your assessment this morning of the compx/ndx completing a 5 wave move down (over the last 2 weeks) may be spot on -- it simply ended a bit sooner than anticipated. I'm looking at today's action as a likely A wave (part of an ABC correction), which should complete today, although it could extend to tomorrow. I've been 100% cash for the past couple of days, watching the usual retracement levels, and I will probably wait to see if this plays out like I anticipate. If it does, I will look to reestablish short positions and buy puts maybe Friday or Monday.

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