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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject9/20/2001 5:17:23 AM
From: mish5000  Read Replies (1) of 37746
 
AS I Write this, The NAS FUTS are down 27 and the S&P 17.60.... This is one of the reasons why I will not hold over night positions....although, remember, it's 5 am and anything can happen.

Upon examining the charts and After Hours Action yesterday night, I was more in favor of a morning "pop and then drop" scenario....

However, I feel that we have found some kind of interim bottom...I will be looking to buy upon a 38 - 50% retrace with a tight stop. Seeing as though we are severely oversold on most indicators, I think the pending "rally" will merely be short-term corrective.

My Targets for the COMP are still sub 1000 and DJ sub 6000 within 3-6 months.
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