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

To: mishedlo who wrote (3817)	7/29/2000 6:57:09 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Misheldo, chose one question which is important to you, I just cannot respond to the barage, maybe others might. I suggested when CREE was running to $150 a week ago to tighten up stop loss to $140, right now, I would say it is in buying range ($95/$105). On May 24th CREE had a beatiful price volume reversal and a dragonfly doji to boot. If $91 holds, the current buying range is excellent, if $91 does not hold, we are in big trouble and it could drop anothe $30 (to $70) in a big rush. Zeev

To: mishedlo who wrote (3817)	7/29/2000 7:06:07 PM
From: Zeev Hed	Respond to of 30051

Misheldo, chose one question which is important to you, I just cannot respond to the barrage, maybe others might. I suggested when CREE was running to $150 a week ago to tighten up stop loss to $140, right now, I would say it is in buying range ($95/$105). On May 24th CREE had a beautiful price volume reversal and a dragonfly doji to boot. If $91 holds, the current buying range is excellent, if $91 does not hold, we are in big troubles and it could drop another $30 (to $70) in a big rush. As for the money supply, sure it is important, but this year it was skewed because the feds supplied liquidity to get over y2k (thus my forecast last November of a very strong Jan to end of Feb forecast followed by late February top (it actually occured early March, sorry for missing)), then they soaked it back. To prevent a crash they reliquified the market starting in March, and now they seemed to soak it back again. That is where the turnips were wrong, they assumed that Summers will go into the market about now and buy a lot of treasuries (providing liquidity) to assure "good feelings" economically and assure democratic victory come November. I still think that Summers will do what is necessary, but the tactitians may have decided that they would not waste ammunition right now and wait a little longer. This is the main reason I think that by election we will once more have strong market. If however, an "asian flu" is developing, all bets are off short term, and we could go another 800 or so Naz points down, if not more. Zeev