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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (26576)	9/7/2001 11:51:28 PM
From: Jdaasoc	Read Replies (1) of 30051

I think as long as money is running out of mutual funds at $10 B per week, we are just running the stock market charts in reverse time. No amount of short covering, cheerleading charts or tarot cards reading, house refinincing, etc will fix decline unless people change asset allocations back to equities. My broker saw a 4.5 M block of AOL trade today. Redemptions are now coming out of banks, brokerages, retail and your basic widow and orphans stuff. No techs left to dump. Rally in techs could occur by highly unlikely to hold. I still stick to my BKX closing under 800 as ultimate sign that street has totally written off economy in terms big $$ in bad loans dead ahead. Closed at 810 so the fat lady hasn't sung yet but is warming up backstage. Wrote lower strike price short calls for Oct on NVDA and MU then I held for Sep assuming as they rally on bets by longs dreaming; it good time to pad account with option cash. Nothing in PC sector has changed execpt 110K less workers sitting in front of PCs this month. At least 100K of the will sit in storage, unless stolen by cleaning staff, until economy recovers; Intel waits for these lost sales to reappear sometime in future. john

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