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

To: Mike M who wrote (16663)	5/26/2001 2:34:18 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

IBM is a kingpin, as well as GE. IBM was supposed to launch on a break of $120, but it stalled, and a breach of $117 on a closing basis, will signal, IMTO, a breach of 11,000 on the Dow, making the last break to 11400 plus a false breakout. GE already closed under the pivotal $50, and is probably leading the way down, IMTO. As for the lack of reaction to the BTB in the semi equip, that was not unforeseen, yet, very few of them made new recovery highs during the run above 700, and many of these runs have not held above the prior highs (VECO and IRF are two that managed, but then retreated back under that barrier. Typically not a sign of a roaring bull. In a bull move, there is follow through and then the prior highs serves as consolidation support levels. They have not, indicating to me that this is still a bear market rally, and the "powers" are making every effort to paint the tape in such a fashion that everyone would think it is the real McCoy. I would say that a close under 645 on the SOX will confirm a change in direction predicted by the gravestone Doji of last Friday. Watch for critical levels in the like of INTC, AMAT and NVLS.