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

To: Rich1 who wrote (28660)	9/24/2001 8:06:17 PM
From: ajtj99	Read Replies (1) \| Respond to of 30051

Rich, looking at the charts tonight for the COMPX and NDX, the 60-minute has turned down and the 15-minute looks a bit mixed. I believe that leaves a bit of wiggle room for a short run in the first half hour or so. With the recovery of the US market, most foreign markets should be up tonight also, and that momentum could be carried over into the futures and market open. Furthermore, if we are going to consolidate some of these gains, the MM's will have to lure some suckers at open to sell off some shares. There could be some individuals buying the open after a big up day like today, and who are the MM's not to take advantage of that enthusiasm <G>. Anyway, I think 1530 COMPX is pretty decent resistance and 1484 seems good support right now. I think we trade in that channel tomorrow, and end up about where we are right now, possibly slightly above 1500. 1507 would be a pretty close, as that was our high today. Anyway, the market will let us know (as Larry likes to remind) much better than a guy like me pulling numbers out of my ass.