Pump's daily trading recs, emphasis on short selling Message Board

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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling

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To: Michail Shadkin who started this subject	7/26/2001 8:50:51 AM
From: Don Pueblo	Read Replies (2) of 6873

NASDAQ Composite support levels. John Murphy was on CNBC yesterday talking about the "double bottom" on the COMPX. Fascinating that he was on yesterday, as opposed to last month or two months ago or three months ago or whenever. John just might be wrong, in my humble opinion. John is pretending to see a bottom formation in a consolidation pattern. The COMPX has formed part of a long-term bottom formation, but it is not complete as yet. The overall trend is still down. My chart shows some long-term support on the COMPX at 1929, but not for the obvious reason that it recently stalled there. Although I believe the yearly low has already been established, I don't mind changing my mind if and when the chart proves me wrong. I see a move to 1898 and extremely strong support at 1852. I would be surprised if the COMPX goes below 1852, it would be a very, very bad sign for anyone who is long this market. My support levels for COMPX (plus or minus one percent) 1929 1898 1852

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