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Strategies & Market Trends : The Options Box

QQQ 609.74

-0.3%

Nov 7 4:00 PM EST

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To: Poet who wrote (9997)	3/12/2001 2:46:24 PM
From: Lee Lichterman III	Read Replies (2) of 10876

>>the likelihood of a bounce in the Naz is sound<< Hope you are right. I covered my short calls a while ago and am now long some QQQ LEAPs. Here is to hoping this bounce holds. I was targeting 42 and then 37 on the QQQ but I also had NDX support at 1700 and we hit that. Kind of a "which chart do you trust" type thing. TRIN looks horrible but we have been down going on 7 weeks in a row, TRIN is in over sold, VIX is above 30 ( although it could hit 60 as it did in 87) so it is a mixed bet at best. I still think, and unfortunately so does everyone else, that we will have a counter trend rally soon and with triple witching, max pain waaaay above current levels and the FOMC meeting coming up, that this is as good a time as any. I just wish today would have been uglier this morning for a capitulation low. Good Luck, Lee

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