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

To: Zeev Hed who wrote (15488)	5/4/2001 6:01:06 PM
From: Logain Ablar	Read Replies (3) \| Respond to of 30051

Hi Zeev: Thanks for your market read. I have a solution to Hanks concern on your posts. You can stop posting your detail trade entry and exit points. Of course I'm selfish and would still like your channels and over all turnip view of the market. Have a good weekend. Tim

To: Zeev Hed who wrote (15488)	5/4/2001 7:23:30 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Zeev, just plain psychology would seem to indicate that we're going to rally going into the Fed on the 15th, but not punch through the resistance at 2250 unless we get 75BP from them. I also don't believe we'll drop below resistance at 2089 (you mentioned 2095 next week) before the meeting also. I believe a cut from 0-50BP will be sold, since it's been already factored in today. That said, how do we stay in this trading range? We'll, when there is uncertainty, computers help out nicely. Max90 on Trader J's thread has pointed out how neatly we always seem to push up against upper and lower resistance lately, only to bounce off immediately within fractions of the resistance number. Truly uncanny, or not. I remember reading an article on Goldman Sachs in Forbes last fall, and the CEO said "Volatility is our Friend." Leave it to our friends at the brokerage houses to insure we will be setting up nicely going into the Fed. These wild shakes up and down are also good for shaking the option chains towards Maximum Pain. I'm buying May QQQ puts the afternoon before or the morning of the meeting on the 15th. Odds are in my favor. Fed meetings get sold.

To: Zeev Hed who wrote (15488)	5/5/2001 1:49:43 AM
From: Mike M	Respond to of 30051

Zeev, I sure do get a different reading. I did a little Elliott Wave analysis along side of Temple's work, I think the odds are higher that we breach and run the cash SPX up around 1300. That looks like a corresponding NAZ run past 2250. After that I do see an ABC correction for the rest of the month, which gets more serious after the 16th. Then looks like a run up into June to around 1360-70 area before a more serious correction into July. Then, instead of a terrible Aug/Sep, I see a pretty serious run up above 1450. This is all still in the context of a bear rally but a strong one which gets way out ahead of the economic conditions... Looks to me that Monday will tell the tale.