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

To: Zeev Hed who wrote (15264)	5/1/2001 7:37:38 PM
From: JRI	Read Replies (1) \| Respond to of 30051

your phrase: "So right now, I still think that we are going to stall around the original 2250, but the first leg down of the inverted W may take until after the Fed's next FOMC (May 15th)" by the phrase "may take"...do you mean that the first leg down may LAST until after the Fed's next FOMC, or does "may take" mean it won't OCCUR UNTIL... TIA....

To: Zeev Hed who wrote (15264)	5/1/2001 9:04:44 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Zeev, if I read you correctly, you're saying the 2nd leg down to possibly 1850 will finish around the 23rd and from there you see basing and small rallies through the beginning of July revisiting 2250 or possibly hitting 2388, with the low in August a re-test of 1636. If the COMP low is 1636 in August, the SPX would probably re-test 1080 and not drop to 1000 or 975. That would indicate March 22nd could have been the low for the year, and many analysts would have been right, but for the wrong reasons. I believe AG's proactive approach may have hastened the turnips scenario a bit. As much as people rag on AG for what he's doing now, if this was 10-years ago we'd probably be getting our second rate cut, not possibly the fifth.