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Strategies & Market Trends : Classic TA Workplace

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To: Paul Shread who wrote (52850)	9/9/2002 6:38:17 PM
From: skinowski	Read Replies (1) of 209892

SPX reached today 907, which is a 38.2% retracement of the decline of the past couple of weeks… If the bull is weak, this may be all he’ll get. SPX 930 would be a 62% retracement, and also - the bottom of a probable 1, and the top of a 4. We’ll see. I'm holding some well entered October and November puts, and trying not to get screwed out of (any more of) them on wiggles. I think I will short a little more if the index decides to try for higher resistance levels… When would be time to commence puking?… er… hmm... I mean, to begin an orderly retreat? I’d have to think in terms of the same 930. An SPX 945 would be 80%. If the index begins to work its way down from around here, the 870 area would be a curious Head and Shoulders neckline on the hourly chart.

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