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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (16735)	5/29/2001 10:28:22 PM
From: ajtj99	Read Replies (2) of 30051

Looking back, I see the cycle guys had a wave completed earlier this afternoon, and the TICKQ bottomed at about the time the COMPX bottomed. The TRIN seemed to indicated a reversal at 3:15 or so from what I could see, and maybe that's what you were buying at that time. It appears we may only get at the most to 2160 or so on the COMPX before a bounce in the morning, and that may be at open. I'm holding QQQ June 47 puts I plan on closing at open. I'm not sure I'm buying the bounce. It appears to have very little vigor behind it with earnings warning season upon us. I might re-buy June puts if the COMPX stalls slightly above 2200. I believe the end of session action today indicates this bounce will be lame. QQQ puts were very expensive today at open, which seemed to defy logic, as the time value eroded 20% over the weekend and the futures were not too volatile pre-market. It just seems to mean the MM's were not going to let them go cheap, and it confirms to me the general direction for June is down, down, down.

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