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

To: Zeev Hed who wrote (19619)	7/2/2001 9:02:42 PM
From: Justa Werkenstiff	Read Replies (2) \| Respond to of 30051

Zeev: Reading the thread, bulls have come up with the 2500 scenario. It seems to be pretty close to a consensus. If this is all the punch the bulls had today, then dive, dive away. Personally, I think there is one more bite at the apple if we get a correction off this thing. The market does not want to go down (warnings have little impact) but it cannot find a reason to take another leg up. Nobody seems to care about Japan or other markets now. Thus your Naz box. The past two trading days have been nothing more than rotation and then re-rotation with an upward bias. But seasonally it would not be typical to have a break here. The market wants to see what is under the hood of the earnings reports. It want to have some earnings celebration about beating lowered expectations and some words of hope. Market players have made their bets and are hanging around to see what shakes out. Short support is another reason for limited downside here. But with this complacency in the market, one enduring bad news item may just puncture this whole rally. That is a real risk.

To: Zeev Hed who wrote (19619)	7/2/2001 9:15:48 PM
From: bobby beara	Respond to of 30051

I have the Naz "Boxed" in the 2000 to 2250, and consider both the excursion to 1973 recently as well as the May excursion to 2338 as statistical "outliers">> i agree on that zeev, those excursions turned out to be alternating bull and bear traps, but this funny business could go on a bit longer and just indicate to hit and run trade, when the market gets overbought, it is quite fragile to disapointments, when it gets oversold, it seems there are plenty of players with liquidity to buy the bottoms., market players are so used to either extreme bullish or bearish trends over the last several years and are impatient for a breakout - one way or another, but maybe this sideways range will last much longer to frustrate the crowd.