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

To: Rick Storm who wrote (16673)	5/27/2001 3:26:33 PM
From: Mike M	Read Replies (1) \| Respond to of 30051

Rick, I just mean that as a chartist, I am suspect of any reversal until after the top or bottom has been revisited. I refer to it as a test. I was looking for 23 on the VIX to serve as an interim low. After hitting 23, if the VIX runs to 26 then backs up to 24 before heading back up I consider that a successful test. Were the VIX to further break down from here I would expect the market to run even higher than its previous high. I look for the same thing in indexes and in individual stocks... Heck I even look for it in stochastic readings... The premise is that it isn't over until the fat lady sings. Zeev is suggesting strongly that she is humming a few bars. I reserve judgement although suspect he may be right.