Clown-Free Zone... sorry, no clowns allowed Message Board

STOCKTALK

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: AllansAlias who wrote (69639)	2/21/2001 11:05:50 AM
From: chic_hearne	Read Replies (2) of 436258

Rallying today where we get a new low only on NDX and not COMPX is a positive divergence for the bulls imo. If they close COMPX back over 2430 or so, for me, I'll call off the dogs. I tend to agree, but I just can't see why anyone would buy today given the CPI and the Naz testing its low. For one, if we break the Naz low and you went long there's really no telling how low it heads before making a ST low. Better to wait it out. Second, the CPI really must be making the bulls nervous that AG will continue to work his magic [not that I think rate cuts mean shit at this point, I'm just trying to think like the other guys]. So it really comes down to how much "other peoples money" do they have to defend 2251, and does this lump sum out weigh the "smart money" that needs to get out [sometimes I wonder if there's any smart money at all]. I say no, they don't have enough and they're not going to defend it. We close at a 52 week low Friday, possibly even today. I'm holding my Crisco short [up to about 30% now and basically like being short the Naz]. I'll add on the bounce if I'm wrong.

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