NOTES Message Board - Msg: 17019765

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Non-Tech : NOTES

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To: Didi who started this subject	2/6/2002 6:17:54 AM
From: sun-tzu	of 2505

The reversal off the red opening yesterday was not surprising. The weak close off that reversal was a surprise and certainly is to be considered bearish for today. On the yang side, the p/c ratio remains in extremely bullish territory for a second strait day, and the VIX/VXN have strong resistance at 29/49 respectively. There is little doubt that the shorts are pressing their bets here. I was viewing the Nikkei 5 day chart and marvelling at how it hasn't completely been sucked into a bottomless pit. Then I realized, the shorts are pressing their bets over there too. The superstaurated short pool creates a natural floor since the first hint of buying sparks short covering which prevents a catastrophic slide. With such poor technicals, combined with a bone dry market (meaning there are so many shorts that a small spark could ignite a huge fire), i'll be keying off the NDX range established yesterday. This is best seen on a 15 minute chart. Below 1450...go short Above 1500...go long I don't always trade the breaks like this, but there are too many conflicting signals to be confident in any direction imo. Great charts Gottfried! Thanks much.

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