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Strategies & Market Trends : Steve's Channelling Thread

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To: TREND1 who wrote (17293)	6/7/2001 6:31:54 PM
From: ajtj99	Read Replies (2) of 30051

Larry, it seems distribution is taking on a new life. The Fib retrace seems to be out of play, but it appears we're going to go to resistance on the NDX at 1985 and QQQ of 49-1/4. I think that's where we start our next decline. Just because we took out the drop to 2078 doesn't mean it can't happen again. After the INTC news, what else is there to rally on? Nothing. News is bad everywhere. Nobody says things are getting better. Companies are just saying that it's as bad as we feared it could be, or it's worse than we expected. I can only think of one or two tech companies who've said in the past month that business has improved beyond their expectations. When P/E's are dropping, sales are dropping, forecasts are dropping, and the economy shows no signs of turning the corner, the market cannot continue to go up. This is a bear rally with the bear passing gas propel it higher. There is exhaustion in this so called rally, and it should come into play soon. If you'd like, keep my chart up until noon. If we don't start our reversal by then, you can say that chart is history.

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