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Strategies & Market Trends : Rande Is . . . HOME -- Ignore unavailable to you. Want to Upgrade?

To: johnsto1 who wrote (37429)	10/5/2000 12:16:45 AM
From: Lost to Voodoo	Respond to of 57584

It's common (over 70%) for downside breaks to pullback to the breakline, which in the case of this NAZ double top we'll assume for the moment is the intraday 8/03 low of 3521. That's within a few points of where we closed today. If we have two solid closes above that level (today doesn't count as one of those in my book) then it would cast some doubt on the double top. Otherwise, I maintain my position (that we'll see the vicinity of 3K before the end of the month), and in any event we're still in an overall downtrend until we break out of it, which would require getting over 3660 for me. Congratulations to those of you who made money today - I have determined that I'm not nimble enough for these quick moves in this environment so I've retreated to a longer timeframe more on the order of weeks. My trading money is mostly in cash & I have a small short position. BTW, I don't read everything on the thread & maybe others have mentioned, but in addition to Rande's observations about breadth which I would agree with, the VIX has been quite dull.