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Strategies & Market Trends : Steve's Channelling Thread

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To: J L Segal who wrote (9707)	1/3/2001 11:50:49 AM
From: Zeev Hed	Read Replies (1) of 30051

It may continue in a mild fashion until next week, depends a lot on the Fed's here. I do not like the break down in some of th prior leaders, I was forced out of IDPH at $169 for a cool $20 loss (it is cutting by 25% the gains of the last two weeks on this one...), such breaks are not good. I also sold BRCD and BRCM for barely break even (a blessing in this market) at $73.25 and at $78.5. Also got out of SCMR at $32.5 (at least a small gain of $1) and out of CREE at $32 a loss of $1. QCOM breaking under $70 is not a good sign either, and unless it can get back rapidly above $40, we may be in for lower than 1900 on the naz and much earlier than I anticipated. We have seasonal flow of money in the market, but that is countered by deteriorating conditions, if the fed's move before 1/31, we may hold above 1900, if not, we have the lows of 1998 at 1400 to look forward to. Not a pretty sight. I am optimistic that the values created are going to attract some buying at these levels, thus I have not cut drastically on exposure (waiting for a little better rally <g>). Zeev In edit, QCO just went at $73.5 (both positions) even. Zeev

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