>>>b.b: Are you aware of any occasion when the DOW sold of despite anticipation of an interest rate cut within 7 days.?>>>
well my memory is real foggy on the 30's -g-
sure this has all the classic elements of a bear trap, with a piercing of support on spx, a drop below psychological 2000 nasdaq, lots of put buying, vix at bottoming territory,
we just don't no the extent of the excesses built in the system, and if the time is ripe for the giant grizzly, which no doubt will follow this mega-snorting bull (yes polyannas there is no santa claus -gg-), or if we are just going to make a short detour on the brown brick road.
as i gave my wave count earlier, my prefered nas wave count from FOMC - (which i think is wave 5 down from march 00) is that the recent swing high on the 6th or 7th is wave 4 and we are now in wave five down, which wave three bottomed at the low this morning the countertrend intraday rally was 4, and we may have made the low of this sequence today (doubt it) or a minor new low tomorrow morning - (i think cien has to go the april low at least before a bottom), the question is will this end the slide or will this be an extending crash wave and this leg down here be the first leg down of the crash wave.
207.61.23.99
i am now in 90% cash and open to what the market does, be careful out there this is a good time to lose a lot of money if you play the wrong side -g- |
