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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject4/11/2001 9:26:23 AM
From: velociraptor_  Read Replies (2) of 37746
 
My best guess is that we see the high sometime this morning, possibly on the gap up. This is without a doubt, panic buying and a short squeeze. Motorola was the first major company and obviously earnings are pretty shoddy and don't look any better for the next quarter either. There is no rhyme or reason for the markets to be up this high other than a short squeeze, and with shorts gone and panic buying in, it would be an ideal set-up for a large down wave. In Major wave 3 down, waves often become extended and we have seen this with wave 1 down already. All my research suggests we are at the end of a wave 2 correction now.

If the market opens up according to utures, the DOW will then satisfy the need to hit 10,225 and the S&P will satisfy the need to hit 1190 and fill the gap up here. All gaps will then be to the downside...there are 3 of them now and some quite large. The entire pattern of gapping and running is an exhaustion pattern.
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