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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (15179)	4/30/2001 9:41:02 PM
From: ajtj99	Read Replies (1) of 30051

Zeev, could it be that we just finished the UP leg of the inverted W today? You seemed to be in a consensus that had the bottom on March 22, so logically the hard-to-find top could conceivably be the SPX and DOW top we had intra-day today. If that is the case, we still have your down leg to go yet, and the stop at 2006 was possibly just a stepping stone to a broader topping action on the Nasdaq. As we shouldn't mix metaphors, I'm probably wrong in mixing the indexes. It's possibly a rationalization, but the situation seems at least plausible. That would put your May 9 touch of 1850 in play with the middle leg of the W. Of course, the H&S scenario below 2000 would seem to make it the last leg down on the inverted W. Either way, I'm not long, and haven't been since the day the Fed dropped the bomb. I went out of QQQ May 45 puts today at open hoping to re-position at resistance at 47-3/4 or so. Didn't happen (I missed it), and I'll just get some May 44 puts tomorrow AM at around $1.45 or so.

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