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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (7736)	7/21/2001 6:39:27 PM
From: Shack	Read Replies (1) of 209892

Well said and I agree. The sentiment smacks of a '2' or 'b'. In an intermediate time frame I have to call rally, but I don't think we go right now. The AAII sentiment has 15% bears. How can we launch into a 'C' or '3' with that number hanging over the market? The other thorn for the bulls for me is what looks like a 5 wave impulsive down off the May highs in non-tech/SPX. It bottomed on the 11th and looks like it is correcting. This infers we need a wave 'C' or '3' down. Lots of mixed signals. All cash right now and I am playing the swings. Looking for OEX puts at the top of this corrective a-b-c in the index. I figure the 'c' tops out Monday or Tuesday. Then big down into the early August cycle turn. That should get the bearish sentiment up. This is my plan....subject to change.

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