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

To: Logain Ablar who wrote (8333)	11/29/2000 5:47:23 PM
From: Rashomon	Respond to of 30051

Panic city in afterhours. SSTI just printed 12 1/8, a number I couldn't have imagined a few weeks ago. I think the big flush is tomorrow.

To: Logain Ablar who wrote (8333)	11/29/2000 6:37:16 PM
From: Zeev Hed	Respond to of 30051

Tim, I am watching both EMLX and QLGC, I actually have GTC in both ($91.25 and $71.25 respectively), but they did not get there yet, not too far, I might get these tomorrow. Both could drop sharply from these levels (to about $60 and $42 respectively) if they break about $5 below these entry points, however, I feel, however that starting to slowly increasing exposure is the wise thing to do around here and then commit on either a string of few days of -1100 or so on the tic (we had one yesterday) or a single day with an extreme in the tic of -1350 or lower. If we get that, I believe we should be close enough to see the "white in the MM's eyes. The way we bounce in the first few days will determine if the scenario continues. Namely, this will be a false bottom to be retsted and overtaken, IMHO, if the bounce is not accompanied by extreme in breadth (like a tic of +1000 or better on the naz). Actually, days like today are pretty good if you are careful. For instance I had 7 short term raids each in BRCD and BRCM, while few of the trades were "futile" (less than a buck gain), the total was pretty good at close to 18% total gain. CREE and VTSS each returned about 10%. The bu$$, however, was a net of $1.25 over 4 trades, nothing to be proud of. These gains are however erased if I were to take the paper losses taken on the other positions I still have. Zeev