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

To: Zeev Hed who wrote (16664)	5/26/2001 4:59:21 PM
From: Mike M	Read Replies (1) \| Respond to of 30051

Good comments Zeev. We aren't in disagreement regarding Bull vs Bear market. We may not agree on whether we have seen the low on the NAZ this year, but this is by my interpretation a very strong rally in a longer term Bear market until proven otherwise. We are only disagreeing on whether there is a chance that there is one more run up before we see a sharper correction. If the markets falter in the middle of next week then I see no reason that 1850 won't be tested(I think it will in either case). I still think IBM has a shot at running into 120 and wouldn't be surprised if GE gets to the 52-53 area. GE's 60 min stochastic is very oversold and IBM's could get there Tuesday. Please note that some of that excessive bullishness is starting to creep back into the market. It allows for extensions on the "hot" stocks and retesting of near term highs. Promises to be an interesting week. I think you know what I meant in my comment on the semi's... Just no telling what will make the market move in either direction. When it's ready the market will do what it's going to do and leave us to interpret why. Like you, I am wary of the low VIX and low P/C... Until those have clearly turned, the market seems to be in limbo land. Mike