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

To: Bosco who wrote (6499)	10/19/2000 6:36:05 PM
From: Zeev Hed	Read Replies (4) \| Respond to of 30051

Bosco, I think that yesterday was the successful retest of Friday's bottom. Today's rally was characterized by extremely high volume (2.3 B on the naz 1.3 B on the NYSE, I am not sure if these are records, but they are quite high), the advances trounced the declines. The only fly in the ointment (there is always fly) was that yesterday new lows exceeded last FRiday' new lows, a retest should classically have less new lows and more new highs (we had more new highs). On the other and, last Friday came after two consecutive excesses in the negative tic reading (-1200 or so), while yesterday was not that bad (just -1000, but the NYSE chimed in with an unusual value of -1100). Another missing element to declare this a real bottom is the fact that we still have not had a +1000 tick, preferably two days in a row. Telling me, that this advance will not be "long lived", and thus my target before the late October decline of only 3650 or so on the Naz. Another day like today and we are there. If we get there and get good readings in the tic and the trend, it may extend this drive, otherwise, I would still be "nimble". Thus the order of the day tomorrow, for me at least, is take the well earned profits. By the way, late in the day I noticed some perking up in the SC's could it be they are coming back to life? I still have the scenario of SCON going to above $20 because of their recent financing, and if SCON does it, I think CDTS will follow. Once more on this pair, they are quite dangerous. Last, the holy one is dead in the water, it should have bounced by now to within its normal trading range ($14.5 to $18 or so), but it is stuck, if it does not start and launch soon, it will miss this period of good tidings and will be in danger of sinking under $11. I am going to look at it very carefully tomorrow and decide my next step. It surely is not doing the bouncing stuff I expected it to do. Zeev irrevolute.iuma.com