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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: JRI who wrote (5627)	6/22/2001 10:08:41 AM
From: The Freep	Read Replies (1) \| Respond to of 209892

On the bullish side, the SOXX is green even with the NDX down some. I haven't poked around, but I'd bet $$$ that someone upgraded the chip equipment makers right around 9:45 this morning cuz as I was taking Freepdog for a walk, I started seeing huge and constant bids on the few I watch. I guess the worst really must be over this time <g> Non-tech is havng a harder go of it here. OEX back under that neckline for now. Once more. . . an interesting day ahead of us. the freep

To: JRI who wrote (5627)	6/22/2001 10:10:39 AM
From: AllansAlias	Read Replies (2) \| Respond to of 209892

Recap: In the up scenario we are in a wave C up. Within that we would be in a wave 1. Within this 1, we are probably still in the powerful 3. This in itself is enough for me to take moderate risk for long scalps (the potential reward is so high). My down scenario is non-Elliott and goes like this: Everybody in the world is looking up, the backdrop and sentiment sucks, so you go long for anything other than a scalp at your peril. The waves may look like they are pointing up, but it's only one leg of a the 4-legged foundation you build a good position on: 1) TA 2) Elliott 3) Sentiment 4) Signs of fundamentals turning the corner Right now, we have a few barely decent TA signs, we have an up scenario that is still valid, but #3 and #4 tell us to be careful, particularly #3. I continue to think that we did not have enough of a washout on the way down, so it'll make me cautious, perhaps overly cautious. I "feel" like there is the possibility to surprise us to the down side. It won't prevent me from going long, hell, that's how I made 75% of my money this week, but it'll keep me from initiated even s-t positions. Hell, look at non-tech this morning: that thing is on the edge of puking-up it's up scenario! In scalp mode -- Allan.