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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (45578)	8/8/2001 6:57:37 PM
From: ajtj99	Read Replies (1) \| Respond to of 56535

Big bad red candle today. I just came back and saw how everything dropped today. We need to have a green, listless day tomorrow to set get rid of some of the short-term oversold conditions and set things up for another wicked drop Friday and Monday morning, IMO. The key is if we get to the 1934-1940 level on the COMPX. If we bounce, I'm selling my puts and going call side. If we go through, I'm watching the 1890 level very closely, as that is likely the first place we'll bounce. I believe we will bounce in the 1850-1890 level, so I may not want to stick around for the last part of a drop if it happens. Why be greedy. I haven't looked at the Bollinger Bands today, but we've got to be close to the bottom of them. We could possibly drop below in the AM, bounce a bit, and finish up a bit. That would stretch the bands a little for Friday, I believe.