Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	6/22/2002 3:23:06 PM
From: ajtj99	Read Replies (2) of 99280

One scenario I can see unfolding Monday would be a drop to 1386-87 and a complete recovery to COMP 1450. That would mesh well with short covering going into the FOMC and the 1-1/2 day bear flag we might get out of it. That would also take care of the test and breach of the Dow 9012 pivot low from last October. About 9000 is the .618 re-trace of the rise up from the Sept. lows. That could open the trap door for a Dow drop to the Sept. lows (after a rise to 9300 on a technical short covering bounce Monday). After 2:15PM Wednesday, we could get our COMP 60-point drop to take out the Sept. lows, and another couple of drops like that on Thursday and Friday to finish the job. This may not mesh well with the GNT schedule, but I believe the FOMC may put a monkey wrench in it. We usually trade in a very narrow range during the meeting. Dow support appears to be at 9000, 8800 (H&S target) and 8400. 8800 and 8400 could each last a day, and 7926 could get hit intra-day. BTW, lots of talk about the market amongst retirees. They're pissed.

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