Sharck Soup Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Sharck Soup

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: TWICK who wrote (30230)	7/7/2001 11:09:47 AM
From: besttrader	Read Replies (1) of 37746

Ok TWICK per your request --> Friday, 1:30pm eastern We don't mean to keep stating the obvious but this is really, really bad tape action for bulls. There has not been so much as the hint of a rally. The averages are near their worst levels of the session and some traders are beginning to talk about Black Monday scenarios. That is where the market finishes near the worst levels of the day today and opens lower Monday and proceeds to collapse. One would think that traders are smarter than that, after all, we were supposed to have learned from previous stock market meltdowns but the problem is that everything traders thought about the state of the technology industry is being called into question in the wake of the EMC Corp. (EMC) earnings warning. We are hoping that bulls make it interesting into the close but it is very hard to be optimistic when support levels are falling one-by-one. In theory, bulls should have one more run at the 1,200 level for the SPX. That is the line in the sand for bulls and it is important that they not let that level fall on a closing basis. 3:30pm eastern There are a few last minute shenanigans taking place. Traders are trying hard to push the SPX back toward the 1,200 level. A close below this level would be technical break and should bring aggressive selling next week. We doubt that bulls will have the numbers -- or the guts to buy stock into the close but we have been wrong in the past. The most interesting development is that suddenly DOW stocks look very vulnerable. This is a huge change from most of the past three weeks. There really is not any important support for the NASDAQ until the 1,984 level so a close above 2,000 means little. Current Strategy We are going to add back a position for BEAS. This stock continues to act very poorly. It "feels" like an earnings warning is in the works. This time we will add the Jul 30 puts.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next