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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (46295)	7/19/2002 12:03:29 AM
From: Shack	Read Replies (3) of 209892

All my colleagues at work think we hit bottom. I have several friends who have committed large sums of money to the market in the last couple of weeks against my advice. And guess what? They all love the banks here! The BKX chart is in complete crash mode as are the retailers. Quite frankly every sector is tanking except golds. You seen health care stocks? Meanwhile the SPX H&S is still in play, throw in a clownbuck that can't find support and the commercials shorting into a decline and I think this whole thing is on the verge of falling right apart. Meanwhile traders are mostly long! Shit Allan, all the indices are down smartly today and I see the VIX,QQV,VXN are all down too???? WTF? QQQ O/I putcall for July and August at flippin .59?? This is as close to a crash as I think we have ever been and I have to say that my thoughts of a mulitweek bottom being in place are seriously in doubt now.

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