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

To: TraderXx who wrote (22324)	7/31/2001 8:35:15 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 30051

Trader, we try not to jump on anyone on this thread. I really do not think that George's posts warranted the "arrogant" labelling. Why not address the issues George cited instead of "labelling" his posts? George is simply pointing out that other major moves up have started with the VIX and VXN at much higher levels. Historically, I am not sure the actual level is important, but rather the direction. We started the October 1999 end rally to the highs in March 2000 with VIX reading lower than the current reading, so I would not take the VIX readings by themselves as bearish. I have plenty of other reasons for not "having" much faith in today's one day wonder, including the volume, the 100 issues only differential between advancing and declining issues, the still high (on the Naz, not NYSE) new lows list, and the fact that last time we were around 2050 we had more new highs on the Naz then now. Add to that the very low equity P/C ratio and the very heavy put buying (presumably by more "professional traders") of the DJX. There are a bunch of other issues, but I could also post a very long list of factors on the bullish side as well. Zeev