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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: Voltaire who wrote (31541)2/21/2001 3:29:18 PM
From: CAtechTrader  Read Replies (2) of 65232
 
Tom, we bought the sharply lower open on the NAZ in the NAZ Futures only to been taken out later in the day at breakeven. NAZ is still very heavy with the houses trying to force it down via "downgrade dujour" (today SUNW) ahead of the next Fed Cut. I believe the houses will force the issue to get things as cheap as possible ahead of the inevitable 3rd rate cut. Only the bold will stay short after that, so the lower they push it, the more short covering they shall benefit from. FYI, the NAZ is now the same percentage below the 200 day moving average now as it was above it at the top.
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