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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: lurqer who wrote (30411)	2/3/2001 5:41:56 PM
From: lurqer	Read Replies (3) \| Respond to of 65232

A couple of weeks ago and again last weekend, I tried to encourage a little Beano. With the recent decline I've closed most of my CC positions (they were near worthless). There are valid technical reasons to consider the possibility of a bounce soon (see earlier post). If we get a dip early this next week, I'll probably close the remainder. That's not because I'm convinced of an immediate bounce, but rather because of the possibility and the current low value of the calls. With front month calls, you want to be careful and not lose a profit. There just isn't time to recoup. I still believe (as stated last week) we're in a ST downtrend within an IT upswing. That said I'm not wedded to that view. In fact I consider this to be the first (but not the last) test of whether we're still in the 2000 downtrend. In that respect, the price action between now and options expiration should be carefully watched for harbingers of future market behavior. One of my earlier concerns, the COT numbers, was mitigated (but not eliminated) by users.qwest.net provided by LaVerne E. Olney. But the danger of the market's fragility should not be underestimated. With a "finger in the wind", I'm the lurqer

To: lurqer who wrote (30411)	2/3/2001 6:41:54 PM
From: Dealer	Read Replies (2) \| Respond to of 65232

Hi lurqer! What do I know? Will give ya the chart so you can check it out fer yer sef. I will do a guess job on P&F. KG4 does P&F, he might give a second opinion or anyone else. stockcharts.com Anyone in the U.S. on Friday knows prices are moving lower. This is like all other charts. Who knows it could go up or it could go down. Not a bearish alert "YET", (close) we have support at 2650 if we break 2650 that will give us an alert for a bearish downtrend. From the P&F the next strong support is around 2500, with 2300 there after.....(fingers crossed) Strong upper resistance seems to be somewhere around 2850-2900. Like I said what do I know........I stand to be corrected by anyone, as usual. dealie