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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (16792)	10/17/2001 11:31:01 AM
From: Perspective	Read Replies (2) of 209892

No, no new high today. No new high for many days. We've entered, at the most bullish, the wave 2 for the up move started a couple of weeks ago. I'd prefer to call it a "B" and will trade it that way. I think we see another leg up after "B" is done, but it could easily be a failed move in this environment. If all the markets could muster was to recover the previous lows on the massive injection of liquidity and the free money (Fed Funds were <1% for days), then what will it do in the absence of such positives? The more bearish count says this corrective multi-week rally is now complete. While I think it's a great possibility, I won't trade it that way. Safety off for the first time in three weeks, selling into any strength during the lunch hour. BC

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