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Strategies & Market Trends : Classic TA Workplace

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To: Shack who started this subject	7/11/2001 10:14:25 PM
From: Shack	Read Replies (3) of 209892

Just looking at a few things here. It seems to me that a meaningful bottom in the Nasdaq may have occurred today if you buy a count that has the 'B' ending, although you'll be hard-pressed to find such a count. Of course, B's are hard to read. However unlike the April 4 bottom, I see wayyyyyyyy more bullishness on the boards tonight. It is palpable. It is true that going into today the short-term sentiment numbers are very bearish which infers bullish, but I am going to be watching these indicators very carefully as we rally tomorrow (assuming we do). The Luc taunt-o-meter is running at full tilt right now. As we came off the April 4 bottom, the equity P/C ratio stayed high for a while and never even dropped below .6 on an hourly closing basis until April 17. There was plenty of doubt still. Keep an eye on sentiment and breadth as the bulls ignore investment losses at Softie, missed revenues at MOT, lowered guidance at YHOO and $150 billion of debt going up in smoke in South America. They have stars in their eyes. edit-can't believe I was shaken out of my long today! And it was July calls yet! :-( edit II-What is up with this font?

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