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To: velociraptor_ who wrote (2584)	5/15/2001 6:31:20 PM
From: UnBelievable	Respond to of 209892

The Rising Wedge Breakdowns Seemed To Tell The Story This Afternoon I had set my thresholds lower than those you posted, generally at points relating to the March 9, 2001 high. None got close with the exception of INDU, which hit the high alert I had set at 10,920 for a tick or two. SPX got slapped down by the 100 and 13 SMA both at 1256, as did OEX at 651. NYA didn't even try to take out its 200 SMA, which has effectively capped this up leg since April 30, 2001. I can't find any of the averages that broke down from their rising wedges 6 to 8 days ago which have put in a higher high than their failed attempt to re-enter the wedge. While some effort was made to hold up the futures into the close and AH, it doesn’t cost a lot to do that. I wonder what is going to be the impetus to get things up over these resistance points if the Fed's decision today didn't do it. In many ways the Feds statements should cause a bit of unease among “investors”. Given the fact that we are in fact seeing signs of inflation, including AG's favorite, wage inflation, are making progress towards using up the excess inventory, as well as the fact that consumer debt has begun to sink even though the rates have already been significantly reduced, the fact that the Fed did not qualify their pro-growth orientation in any way, shape or form leads me to wonder exactly how tenuous things really must be. I can't imagine their not wanting to at least reduce the rate of increase. Even AG must know that the further rates are cut in a short time period the higher the probability that they will fuel additional malinvestment and inflation rather than jump start the economy. Having said all this I've been burned short too many times to underestimate the boyz ability to ramp this pig way beyond anything I would expect. While those of us holding May puts would prefer to see a rapid loss of cabin pressure ASAP, given the proximity of Max. Pain and option expiration, if history can be a guide, I would expect three more days of Jell-O and Whipped Cream before getting on with the order of the day, testing those lows. Once again, it seems that the market's reluctance to test those lows speaks volumes about what happens when we do. So, having said all this, it must be time to go to da moon. <gg>