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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (56995)	10/18/2002 12:28:15 AM
From: At_The_Ask	Read Replies (1) of 209892

Aside from the comfort of "fours often break the channel boundary", not really. Asian and European markets have gone berserk and are crushing all resistance. The Nikkei actually seems to be leading the US markets by a day. We pretty much need to start down tomorrow or Monday. I don't want to have to relearn the lessons of the post 9-11 rally and be short like a month early, I've been wrong for a whole week now and it's starting to suck. If you can pretend for a moment that we are in a very large rally and view the gappy mess of the last few days as 2 or a B then that puts us at the beginning of a three\C of pretty massive proportions. 1200 to 1500 Dow points or so seems ridiculous given the conditions but it also depends on how much short interest needs to be taken in. As long as significant shorts are out then the specialists and MM's will just keep raising the ask until someone steps up with serious selling. On a positive note for shorts I've noticed that the initial sentiment of earnings will often change partway through earnings season. For instance up in the beginning then go down. At a certain point the news either gets as good or as bad as it can get. Perhaps MSFT is the "good as it gets" point.

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