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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject3/22/2001 11:15:23 PM
From: smallcapmaven  Read Replies (2) of 436258
 
Bear Forum

Re: Devils Advocate

Posted By: AGs Bubble
Date: Thursday, 22 March 2001, at 8:53 p.m.

In Response To: Devils Advocate (Frankie Bear)

I was bullish for 5 hours today for a bounce and no longer am. There are several reasons why I will sit this one out and wait for a shorting opportunity after tomorrow mornings ramp if there even is one.

First we have several overhead resistance levels to battle on the way up in the NDX and the first being 1750. Many qqq buyers who were trying to catch the bottom from higher levels will probably gladly get even tomorrow and head home flat.

Second, whenever I see one day 12% moves in an index on horrendous news, it tells me it's not being supported by real buying. The SOX faces a test at 650 and my guess is there will be buyers remorse within a couple of days when people figure out they just paid 50k to buy a Ford Pinto.

Third, we have year end tax selling coming the next couple of weeks. I would eyeball broken trash that has bounced near overhead resitance to see how it handles the overhead suplly.

Fourth, though the VIX hit 42, the put to call and investor sentiment showed no signs of fear. To me this was 80 % short covering 20 % dumb money.

Fifth, CNBS hasn't stopped calling bottoms. As suspected, they wheel out Joey and Abby for a third time tonight. My guess is they will look so foolish by the time this is over they will be flipping burgers at Big Boy.
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