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

To: ajtj99 who wrote (46042)	8/21/2001 6:58:02 PM
From: ajtj99	Respond to of 56535

Some large caps firming up in A/H, but EXDS situation could overshadow any positive A/H action. Looking at support for QQQ, after 37 it appears 35.50-35.85 is a decent range for support, with 35.8 to 35.85 appearing to be the likely range for a bounce if we drop in the AM, which meshes well with the support I see for the NDX at 1435 or so. COMPX support seems to be around 1785, 1757, and 1710, with under 1700 going to 1638. 1775 seems a pretty good number for support on the COMPX. SPX appears to have support around 1137-1145, with most of the support appearing around 1139-1140. On the DOW, it appears 10,012 is a good level of support. If we get a bounce, the indexes could hit support levels in unison, with the SPX at 1139, DOW at 10012, NDX at 1435, and COMPX around 1775-1785. That's too cute, but it appears it may happen, as the techs would need to drop 3% and the Dow and SPX half of that, which is how they normally move when going the same direction. I did not check the NYA, but I believe it has a pretty broad level of support from 550-600. Anyway, it appears I might be able to close my QQQ Sept. 37 puts tomorrow at $2.40 if things continue down strongly to the respective support levels mentioned above. I'll look to re-position at $1.30 to $1.50 if a bounce materializes.