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Strategies & Market Trends : Classic TA Workplace

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To: skinowski who wrote (51112)	8/23/2002 10:14:03 PM
From: AllansAlias	Read Replies (4) of 209892

There is an interesting dynamic at work now; one we have not see for quite a while. After the s-t ass-whopping, the bears are not eager to short here, they are outright afraid to, and most of the bear-slanted types I respect are expecting another pop. Most think we'll go down into Tuesday or so and then make another run. Most are targeting a mild pullback. I had been looking at the QQQ $24.25 area, before today's action, but I am getting nervous that too many folks are zeroing in on that level for a bounce. I have found it very reliable to fade technical consensus. Of course, one has to decide which side to fade -- shallower pullback or deeper decline. I'll decide that for myself this weekend.

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