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Strategies & Market Trends : Rande Is . . . HOME
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To: marvin smith who wrote (53088)7/6/2001 2:57:24 PM
From: Rande Is  Read Replies (1) of 57584
 
Thanks much, Marvin. For a while it looked like it wouldn't happen before the summer recess. But when that VIX failed to move above 22 for so long, it was obvious that small investors were sitting ducks. Wall Street has never passed up an opportunity to make a quick and simple profit. Now we watch the VIX dailies for a spike north of about 33. That is our signal that the worst is over. [and it might not happen until the fall. . .ouch]

And again, I qualify this by saying that I believe this to be a re-test and NOT a meltdown. . . .thus I believe we will bounce from this and move back into a tight trading range from July 16 to Sept 4 of roughly 2000 to 2150 as stated in this post: Message 15948709. . . . but I don't believe we will melt through the April 4 low and head for lower lows throughout the summer. In fact, I am leaning more toward there being that July earnings tent meetin' rally after all. . . . especially if we put in that retest earlier, rather than later. . . .from July 10 through July 13. . . but not longer. Still a 4 day rally off a sharp dump is worth a double on some stocks. . . so those days look to be fun. . . .should we get some positive news from a few high profile stocks.

Remember, investors are hungry for some good news. . . and all those millions and millions of short shares must cover some day. And if they pick the same day or two to do so. . . .look out. Could we get another short-cover panic like the one we had last Friday? . . . sometime next week? . . . with a short-covering turn Burst Rally short-squeeze to follow? In my opinion, the conditions are right.

Rande Is
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