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

To: westpacific who wrote (28979)	9/27/2001 9:04:09 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 30051

West holding overnight and only 18% cash left for "daily games". I have been wrong before, and that bottoming action might take a little longer, but unless we break last week lows on the naz, I have no reason to take off my bull horns. I'll repeat, we had a succession of seven trading days with the tick more than -1000, both on the Naz and the NYSE (equaling the string that marked the local bottom in May of last year, and greater than what we registered in early January and April bottoms. VIX and VXN spiked up crazily and have put in a top of fear. Trin in conjunction with ticks reached extreme values. New lows on the Naz and NYSE exceeded 800 (on the Naz that is probably equivalent to 1150 due to the demise of some 600 stocks no longer listed on the Naz since last December). The equity P/C ratio spiked well above 1.00. The only fly in the ointment is the fact that the Sox did not manage to hold last week's lows. At the time, during that slow decline from the may 22nd top, i said often enough that I am looking for a capitulation to put a bottom in the market, I even had as a potential target the 2400 level, I got both, It would be inconsistent for me to be a perennial bear here, after everything I asked for to get a bottom, was delivered. Now, apart of valuations, what is your argument for additional declines, and don't give me the economy, since the arket is trying to guess what the economy is going to look like six months hence... Zeev PS, I am not sure if your opening statement ("I am laughing at you") is derived from your being as English Chlenged" as I am, but on this thread, we really keep personal stuff like that off. I think most threadsters would agree that we do not laugh at people just because we do no aree with them.