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

To: mishedlo who wrote (25023)	8/21/2001 11:14:02 PM
From: Jdaasoc	Read Replies (1) \| Respond to of 30051

M: plenty of reserve capital Currently my positions tie up 1/3 purchasing power long; 1/4 short - and shrinking in cash requirements daily - and little under 50% purchasing available free. I surely am not going to commit additional purchasing power long until I see some sign that this market can make up leg that last more than 6-7 trading hours over 2 days. It looks like 70% probability that I will setup more out of money short calls since we looked the big brokerages analysts right in the eye with their tech rally declarations in last two weeks and they are starting to back down in their bullishness. AJC from GS essentially has admitted that market is weaker relatively from what she declared just 3-4 weeks ago. It took people many years to get comfortable being long the market and dive in longer when averages declined to the 50 MA on the advise of people like AJC. Where's the market supposed to go when the cheerleaders admit defeat to the short side. It's been only 1 year with the opposite happening where they sell the market off when they get close to 50 MA and continue to sell until it get totally oversold beyond the lower limit of support. This "bear market" habit is surely going to be hard for me an many others to get out of as long as one is making money at it. I can see flat to down market lasting at least another year before averages start to go slightly positive and even then short sellers and call writers will suck most of the cash coming into the market off the top preventing more than single digit gains as far as I can see. I haven't seen anything more than day traders here on the thread not a single buy and holder is left. They are too busy with their day job working 12 hours a day trying to pay off stock debts. john