Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: GROUND ZERO™ who wrote (61842)	12/23/2002 11:04:58 AM
From: Oeconomicus	Read Replies (1) of 94695

Happy Holidays to U2. BTW, here's what Nichols (21st Century Alert) had to say this AM: The line drawn at 447.26 (OEX) -- which is the exact top of the Oct. 15th white candle -- is now a true line in the sand for the markets. A decisive break below here and you want to be short, as there is no telling what could happen once this significant support level is breached. But then again, if there is such a breakdown and the OEX subsequently pops back over 447, you'll want to cover that short and go long -- a "stop-and-reverse", as it's known. It's rare to have such a clear-cut line to work from. So we'll take advantage of it if we get the chance. It's also important to note that the OEX just bounced off this line and rallied. Friday's strong showing brought the markets within a whisker of a nice buy signal on the timing models we use for options trading. If the markets can summon enough strength to actually trigger this buy signal, it's likely we'll see a nice continuation of the initial rally off the line. Regards, Bob

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