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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: anandnvi who wrote (2263)6/10/2000 8:59:00 AM
From: Zeev Hed  Respond to of 30051
 
Anand, I was speaking about the intraday high as an apology for RMBS not getting above $235 after hitting $242 earlier in the day.

As for the 3400, once a downside momentum develops, 3650 could be taken out very easily. next week, we will have pressure on stock due to expiration, and the week after due to proximity of the Fed's meeting, as well as the expectations for the CPI. IMHO.

Zeev



To: anandnvi who wrote (2263)6/10/2000 2:14:00 PM
From: Zeev Hed  Read Replies (1) | Respond to of 30051
 
Annand, 50% retracements are actually the "norm". Note that as the prices on the NAZ vault higher, the volume gets lower (last Friday just a tepid 1.2 MM, the lowest I believe since this rally started late in May), this with a put call ratio in the basement and the MAX pain level for expiration at much lower prices, indicates to me that next week, it will be safe on the sidelines.

Zeev


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