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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (28965)	9/27/2001 6:47:25 PM
From: westpacific	Read Replies (2) of 30051

Sorry ZEEV, that long call is not a done deal. First of all the one year channel on the April low was able to find a bottom, not so this time. The NAS is at major risk in the short term, and thus I see no big rally. The lower channel on the NAS now stands at 500, however we do not go straight there. But with a channel of 1700 and 500 - how can one bet long when we stand near 1500. (There is massive downside risk to the NASDAQ) Answer - one cannot. Lets see if we can make some sort of channel break first. That just has not happened. Then maybe we can call for some meager rally. However in this environment and based on the technicals being long overnight on a hold is just suicide. Bottom fishing even on a daily trading basis is just not good for ones health. It can be done, but you had better be a fulltime player, if not stay away. All the best West

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