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Strategies & Market Trends : Steve's Channelling Thread
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To: TREND1 who wrote (15296)5/2/2001 9:57:39 AM
From: Zeev Hed  Read Replies (1) of 30051
 
Sorry, Larry, I differ, I need a close above 2250 to be bullish. This is a typical fake out, I have seen that too many time. I just took my $2 profits from VECO and stepped aside to see how deep your retrenchment is. Someone pointed to me the parallel of the inverted W scenario to last year post May behavior, and I fear they are right. We all know what happened after the strong run to 4300 last year, we got to 50% of that value eventually. I do not expect 50% of 2250, but I do not have in place the right confluence for a bottom. Gosh, last May bottom was better than this late March early April bottom. As a matter of fact that bottom last May was so good that I became overexuberant and suggested the rally will take us to 5000 or just under, history showed the turnips to be, as usual, overoptimistic. (g).

Zeev

Zeev
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