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Strategies & Market Trends : Classic TA Workplace

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To: Shack who wrote (6528)	7/8/2001 11:27:24 PM
From: AllansAlias	Read Replies (1) of 209892

I am developing s-t scenarios that all respect the gap-down we made Friday. If we close it, then I'll develop other s-t scenarios. However, if that holds a test, this thing will give hard. That's a potential island reversal and I think it's just foolhardly to bet long while that gap is open. It may not play out, but it is a very risky (bearish) setup unless it gets closed. If this thing gives up 2000, we are going to get into a confidence situation, and that is the stuff fast declines are made of. What will folks say when the hopes about 2nd half recovery are dashed and the argument about "all the cash on the sidelines" finally dies? (I love that one. They've been saying that since last summer!) Worst of all for s-t confidence would be getting progressively below the recent rate-cut levels. It is shocking to hear people say "Don't fight the Fed." as they are implying a corollary of sorts, which is "By all means, bet on the biggest bubble in history." No thanks. See youse guys tomorrow. Should get some good movement this week and I hope we are on the right side of things.

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