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

To: Zeev Hed who wrote (28980)	9/27/2001 9:07:24 PM
From: westpacific	Read Replies (2) \| Respond to of 30051

Tell you capitulation will mean a VIX of 60 to 80, we did not get that. We did spike, but that was all that was, that was not capitulation. The NAS, tested no serious channel bottom, nor did the DOW. We may still get my targets, then I see the bounce, but it is not here. We shall see, but so far I have been ON THE MONEY. If we see 7747 on DOW, that will give us capitulation. Maybe next week on this next takedown. All the best West

To: Zeev Hed who wrote (28980)	9/28/2001 6:40:16 AM
From: Justa Werkenstiff	Respond to of 30051

Zeev: You make a good case for the bullish side. I was not surprised by the SOX decline as I had projected it in May at least: Message 15845399 My target on the Sox has always been lower than your target. But I was surprised by the rapidity of the decline. Yesterday, the COMP, for whatever reason, held the line in the face of new lows on the Sox which were 5% lower intraday than the lows of September 21st. And the networkers made new lows yesterday as shown by the NWX. CSCO made a new low. So what the heck held this thing together? I see the biotechs may have had a hand. I would be interested on your take. I do not know what to read into a supposed bottom that occured on options expiration day and a supposed retest yesterday that was supported in the afternoon by portfolio adjustments that showed such weak technicals. The broader market seemed to pull the Nasdaq along yesterday. It was really a strained and selective rally in the Nasdaq. It was ugly. If this is a bottom, it is certainly not a "V" bottom but is a "U" bottom with rotating sector declines which is unusual. Can you recall any periods that were similar?