<<the nas bottomed on friday or will on tuesday morning for a decent several hundred point rally.>>
Possible support for that scenario would be the action on Thursday, Friday, and for the week as a whole. The huge gap down (the "J-Lo Gap" - J-Lo's heavily into consumer cyclicals and energy stocks) led to what turned out to be a fairly narrow range see-saw options-ex headache of a day (at least for me), just as on the previous day after a smaller gap up (the "Nicole Gap," we know Nicole's targeted a breakthrough to March '00 highs for the Nas), most tech stocks hardly moved, and most receded some, including the "rally" leaders. The actual sessions look like little pitiful abandoned squozen bookends, little eunuchs on either side of J-Lo, call 'em Tom and Puffy (though not to Tom and Puffy's faces). (The Hyena Windsock said "Stand aside" -instead, I naturally made some bozo trades.) The whole week made a nice long inverted Ahmadian hammer - seems to call for significant diminution of the downtrend, possible reversal at least into trading range.
The distance between Tom and Puffy is an inviting target for a J-Lo fill, perhaps with some hesitation at Nicole's bottom, but presenting at the same time the doubly inviting prospect of a simultaneous Nicole + J-Lo fill up to Tom resistance. Breaking that near-term might be MI3, and provoke a resumption of the 100% Easing rally re-trace, presumably including a failed re-test of the Puffy low.
Any movement prior to a J-Lo fill below Puffy's bottom would raise the prospect of nasty altercations and a high-speed limousine drive-by to the January problem area - not so far away. |
