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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (43392)	5/22/2001 6:40:08 PM
From: ajtj99	Read Replies (1) \| Respond to of 56537

Max, I thought 5-23 was his touching bottom day before the turnip truck hit a bump. He said last week Friday he thought we'd have a 1-2 week rally that may get us above 2250 towards 2388, and he expected 2250 to get passed on 5-23 after a couple of attempts earlier in the week. I read a cycle guy's report on the MDD help thread that mentioned 5-23 would be the last up day this week and we'd have a small correction down from there after that big up on Monday. I'll most likely be getting QQQ June 48 puts to make a quick buck the next couple of days. If we get close to 2250, I'll cash them in and see if it is worth it to go call side Tuesday 5-29. I'm still really respecting the VXN divergence thing, Max. It is what is scaring me a bit about being long on anything near term after a dip towards 2250. From what I've seen past history on the VXN after this divergence, we could top next Wednesday 5-31 with another thrust towards 2388 and reverse after that towards 2250 or 2095. If that happens, it provides lots of opportunties for trading, but you have to be on the right side when it happens.