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To: sun-tzu who wrote (131196)	10/25/2001 7:34:07 PM
From: mishedlo	Respond to of 436258

I will reposition the other half of my KRB tomorrow. I like the strike 30's M

To: sun-tzu who wrote (131196)	10/25/2001 7:36:12 PM
From: sun-tzu	Respond to of 436258

Swenlin...10/25/01 Today was a big day for economic news. Lots of news and virtually all of it ranging from bad to horrible. The market sold off a fair amount early in the day -- the Nasdaq down -40 and the Dow -170. But never mind that. The market began a slow recovery and really charged upward in the last hour. Had the market closed down, it had the perfect cover story -- bad economic news -- but there is no cover story for the reversal and strong close. No good reason at all. The "perfect" head and shoulders pattern has not quite been blown, but I can't imagine any kind of economic/earnings event that can take the market down at this point. The market is still in a short-term consolidation range, except for the Nasdaq, which has broken out, but, after today's action, I have to believe we're going higher. Today's early selloff came within a day of the projected 5-Week Cycle trough. This cycle could have extended into next week had the head and shoulders neckline been broken and a pullback had occurred, but that support was not even touched today. With every obvious fundamental reason for heading lower, and a brilliant technical setup, the market refused to break down. The reversal on a projected cycle turning point is, I think, all the retest we're going to get. I have switched to intermediate-term BUY Signals on the four major indexes. Stops are set at the short-term support under the consolidations (see signal section above). I expect to see more breakouts tomorrow. Next overhead resistance will be encountered at declining tops lines and 200-EMAs. --Carl Swenlin