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Strategies & Market Trends : Steve's Channelling Thread

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To: Bosco who wrote (3837)	7/30/2000 9:03:05 AM
From: Zeev Hed	Read Replies (3) of 30051

I am not sure, you should go back to the May bottom in this thread and check how much pessimism there was before the turn on May 24th. I think you will find it was not particularly deep, no one was calling for 2000 on the Naz, the worst figure was, I believe, my own, at 2950 as "max pain" and we got to 3050. From around 3300 on the Naz (just on the 22nd if memory serve), the thread was looking at which stock to get in when the bottom hit. Mind you, we closed Friday at exactly a 50% retrenchment of the last rally (mid point between 3050 and 4275), maybe that is as far as this decline goes. Personally, I think we need few more days (at least 2?) of a very negative tick. The march decline did not stop until we had five of these, the May decline required only 3, maybe this decline needs only 1 extreme negative tick? Zeev

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