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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (88)4/18/2001 1:18:25 PM
From: Perspective  Read Replies (1) of 209892
 
Sorry I haven't been joining in. Too busy. While I think this is pretty much done, I had the opportunity to exit several core short&hold positions for less than a 5% premium over the pre-cut prices, and I saw fit to do it as a risk reduction. This is setting up as the shorting opportunity of a lifetime, and I want to go into it as unbiased and flat as possible. There are several core short & holds that would have been ridiculous to exit in this windstorm, so I'm just counting on my waver counts that say this move is nearing completion, and I'll achieve a more graceful exit over the next several days.

We are pressing on the significant NDX low at 1850 from the underside. That failure was what launched what now appears to have been the "capitulation" leg of the previous down. I don't expect us to take that out on the first shot, or the big Sept. downtrend line just above. However, barring failure of the corrective wave, we now are likely set up to breach that line.

This correction has entered the realm of the three-month correction in May-August 2000. If I get a good entry, I will probably play it net long in the coming weeks. But overall I will be looking for that incredible short-of-a-lifetime entry point.

This will spur more sideline money to jump into mufus tonight; that should ensure that any serious dips are bought probably for weeks now.

BC
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