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

To: Rich1 who wrote (22310)	7/31/2001 6:56:56 PM
From: Zeev Hed	Read Replies (5) \| Respond to of 30051

Quite a day, three attempts at conquering the Maginot line failed, for a little while there early in the afternoon, it looked as if the third attempt would succeed, particularly with the Dow making a new intraday high around 2:00 PM, but the one sided the call buying (it was quite mute in the first hour, but then turned into an exuberant avalanche late in the day), must have been too much and the market must have gotten "drunk". While we may not reach that target of 1850 by Monday, I still think that getting first under 1900 is more likely than above 2100, particularly in view of the sharp retreat late in the afternoon. When I suggested last week we will have four down days and one up day this week, I surely was not expecting a run to the Maginot line once more, apologies for that miss. I will not be in tomorrow morning, but I am quite heavy in cash again (not as heavy as last night), so I am not too worried. I would have played the "lunch tactic" once more tomorrow, but I doubt I'll be back in time, who knows, after today's disappointment, we could go straight down all day tomorrow. I think that the "painters" have used a lot of ammunition today. The fact that KLAC is being sold on the news is not a very good sign either, nor the fact that INTC could not hold above $30. Zeev