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

To: Zeev Hed who wrote (16735)	5/29/2001 4:44:24 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Zeev, you don't see a bounce off 2095 on the Nasdaq tomorrow? If that is your theory, it may follow that since the NDX led this leg down, it may lead the bounce. The COMPX may bounce off the NDX support instead of 2095 on the COMP. In retrospect, it appears that I've answered my own question.

To: Zeev Hed who wrote (16735)	5/29/2001 5:23:04 PM
From: Crimson Ghost	Read Replies (1) \| Respond to of 30051

Zeev: I notice you really like that 1850 target for the bottom of the NAZ correction. You have been talking about it for some time. Is the number based on Fibonacci rythms or something else?

To: Zeev Hed who wrote (16735)	5/29/2001 9:21:59 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 30051

Zeev: Re "I have deployed only some 8% (to about 44% cash) very mild and really in expectation of a small rally just above 2200." I have a call into INTC tonight to have them reiterate their cap ex tomorrow during trading. This will put us above 2200 with ease <VBG>. Bounce should come in at some juncture but the question is where. Gap up in VXN indicates change in trend. And there are more and more charts that indicate breakdowns for individual issues..

To: Zeev Hed who wrote (16735)	5/29/2001 10:28:22 PM
From: ajtj99	Read Replies (2) \| Respond to of 30051

Looking back, I see the cycle guys had a wave completed earlier this afternoon, and the TICKQ bottomed at about the time the COMPX bottomed. The TRIN seemed to indicated a reversal at 3:15 or so from what I could see, and maybe that's what you were buying at that time. It appears we may only get at the most to 2160 or so on the COMPX before a bounce in the morning, and that may be at open. I'm holding QQQ June 47 puts I plan on closing at open. I'm not sure I'm buying the bounce. It appears to have very little vigor behind it with earnings warning season upon us. I might re-buy June puts if the COMPX stalls slightly above 2200. I believe the end of session action today indicates this bounce will be lame. QQQ puts were very expensive today at open, which seemed to defy logic, as the time value eroded 20% over the weekend and the futures were not too volatile pre-market. It just seems to mean the MM's were not going to let them go cheap, and it confirms to me the general direction for June is down, down, down.