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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (17454)	6/8/2001 5:39:00 PM
From: brightness00	Read Replies (1) of 30051

Your calls have certainly been very good, and much appreciated. I just have a tendency to avoid shorting into support, so I kept covering on the support line formed by the three-minute bollinger and the neat line formed by the 12:20 bottom and 13:45 bottom, especially after what I saw was happenning to the $INDU 5-min MACD and stochastics. Frankly I was amazed at how resilient that line turned out to be; it held out all the way to the close. I was hoping to re-enter short on the othe side after the line is broken and turned into resistence, like the continuation triangle formed in the morning. The action on the DOW makes me wonder perhaps we are going to get support again at 108xx perhaps on Tuesday because the shorts are still rather tentative, and too eager to cover. Jim

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