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

To: orkrious who wrote (19708)	7/4/2001 10:20:15 PM
From: Zeev Hed	Read Replies (4) \| Respond to of 30051

Sorry to hear about your predicament. The most "dangerous" for you is KLAC. The way I see the very short term "game" is as follow. Tomorrow, is a local low, at least early in the day, I expect us to hold above the critical 2078, and by quite a margin (I doubt we go much under 2100, if at all), then I think we may have another rally attempt, a good 150 to 200 Naz points from the lows. I have gone up to 42% cash in preparation for this small swoon down, and plan to redeploy tomorrow. I suggest you cover tomorrow morning, because I can see both KLAC and NVLS going to their recent highs near $61 and $59 respectively, and they could both be "explosive" if they breach these levels. MU is less dangerous, IMHO, with a maximum risk of about $45/$46. The interesting thing with NVLS and KLAC is that if they do not breach those highs, they would have formed a massive multitop formation, signaling the possible turn of that market. I do not think that that "early July" (was more of a "late June" <g>) rally will carry much more than into the middle of next week (provisionally, I have a turn down, and a hard one) starting next Wednesday in the afternoon, but that may change between here and there. All I can do is tell you what my plan is, buy into a decline tomorrow, but only after watching some critical levels in stocks like QLGC (a breach of the $53 or so area could signal to me that we may have finished that rally earlier than I thought). I think that tomorrow is going a tough and critical day. Good luck, and take the loss now to come back and fight another day, I took some nasty spills myself last week, mistiming my entry on the long side. Thanks for the congrats, still some six seven weeks away, and thus a little premature... Zeev