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

To: JRI who wrote (28856)	9/27/2001 9:06:08 AM
From: ajtj99	Read Replies (2) \| Respond to of 30051

JRI, I agree with you that most everything indicates we should go up. In fact, it appears looking at the charts we already started. The put/call ratios are at a more comfortable .82 level rather than the .53 they were shortly after open on Monday. The VIX and VXN are still dropping, and the TRIN seemed to turn over at the end of the day yesterday. There are some negatives like the SOXX hitting closing lower than the April lows, but Justa has pointed out that it tends to lag the Nas in recoveries after a crash. Window dressing is something that could help, but I don't know how much now that we're so close to the crash lows. Also, a bad month can be conveniently blamed on the WTC and not market fundamentals, so the efforts may not be as strong to get us up. Justa, if we gap down under 1138 NDX at the open, I'll wait a few before bailing. If we start up higher and drop to 1138, then I'll bail, watch, and re-position. We now have a couple of levels of resistance above on the COMPX - 1467-1470 and 1530 are the main ones, with some minor ones in between. I think we get past the first one, but the 2nd one might be a little tough today without some help. Maybe we touch it today again and go through it tomorrow. Like I said, everything indicates we should be going up, but things are crazy right now. We are so close to the lows and close to what happened last April that you've got to believe our recent history should have a better chance at repeating itself