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Strategies & Market Trends : NetCurrents NTCS

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To: Teresa Lo who wrote (6013)	3/14/2001 9:34:39 AM
From: Michael Watkins	Read Replies (3) of 8925

So SPX cash did not open gap down. There's some hope yet, however futures are still limitdown for 10 minutes and bidders just being whacked on SP when they show up. I posted this in a PM to someone this morning that was asking: I think the thing to remember is that nothing will be resolved in one day. even if it is a 1987 like affair, you could have sat out the entire process, price moved up and then came close to the lows over a period of over a month. There is no reason to try to catch the bottom. Even if this ends up being a big V shaped bottom - which is close to 0 chance of happening given the risks out there - there will still be a retracement somewhere that we can position buy stops above and let the market PROVE to us it wants to go up. I would ignore the talking heads on TV. They have not been spouting anything that has been useful during the entire Nasdaq decline, have they? And aside from the DOW, they have not really been sounding any alarms regarding the dangerous space the SPX is on its chart... Play safe. The goal is to stay alive so we can fight another day. Sitting it all out is not a bad thing to do.

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