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

To: Zeev Hed who wrote (15179)	4/30/2001 1:25:59 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

The bu$$ is not cooperating, so a I got out this time with just under a quarter in the pocket. By now it should have taken out the $17.80 area. Zeev The pressure is building on the bu$$ just dropped $.30 in the last 10 minutes and $17 is threatening to give up.

To: Zeev Hed who wrote (15179)	4/30/2001 3:08:41 PM
From: orkrious	Read Replies (1) \| Respond to of 30051

think that "the cycle guy" might be right and we should exhaust this move some time this afternoon or tomorrow morning Nice call to you and the cycle guy. Of course, I laid out my shorts too early. This is definitely a woulda coulda shoulda business. <VBG> Jay

To: Zeev Hed who wrote (15179)	4/30/2001 6:24:44 PM
From: Hayduke	Read Replies (1) \| Respond to of 30051

Zeev, Does your scenario for a local top today or tomorrow apply to the chipmakers, particularly TXN (which has shown a lot of strength lately)? Thanks, HD

To: Zeev Hed who wrote (15179)	4/30/2001 9:41:02 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Zeev, could it be that we just finished the UP leg of the inverted W today? You seemed to be in a consensus that had the bottom on March 22, so logically the hard-to-find top could conceivably be the SPX and DOW top we had intra-day today. If that is the case, we still have your down leg to go yet, and the stop at 2006 was possibly just a stepping stone to a broader topping action on the Nasdaq. As we shouldn't mix metaphors, I'm probably wrong in mixing the indexes. It's possibly a rationalization, but the situation seems at least plausible. That would put your May 9 touch of 1850 in play with the middle leg of the W. Of course, the H&S scenario below 2000 would seem to make it the last leg down on the inverted W. Either way, I'm not long, and haven't been since the day the Fed dropped the bomb. I went out of QQQ May 45 puts today at open hoping to re-position at resistance at 47-3/4 or so. Didn't happen (I missed it), and I'll just get some May 44 puts tomorrow AM at around $1.45 or so.