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

To: ig who wrote (18245)	6/18/2001 9:23:27 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Agreed, maybe I spoke too fast and should restudy my own chart. I am looking at the 2139 level as a very unlikely event (just as the 2388 was "unlikely", but a last Maginot line). I just noted that the BTB is released after the market on the 21st, and the 21st (plus minus two days) is a cycle extreme (it can be either a high or a low), one could advance a case that whatever the BTB is (and I have difficulties seeing it under the .42 we had last month), it will be "painted" as "positive for the future", launching a mini rally. I am not advancing that case, for the simple reason that if we are supposed to have a bottom in the next few days, the signs are surely not there in the numbers I see. This unless, we drop 130 or so points on the Naz in the next two three days, getting us to the 1850 in a hurry. The equities P/C ratio dropped back to .52, and that in face of quite a disappointing day. I think the 21st (extreme day) is just going to be one of those "statistical outliers", and be neither a local top nor a bottom. (g). Zeev