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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (29088)	2/10/2002 10:29:23 PM
From: ajtj99	Respond to of 99280

Mish, since we're not too far from your target or mine for this rally, we could get most of it on Monday. Since 1850-1860 COMP may be all we get, that leaves us only about 30-40 points from Friday's close. There is major resistance at 1850-1855, and it will not be easy to get past it. The only argument I have against this holding out until Friday is that there is no real buying to sustain this. Once the short covering is over and we hit a ceiling, the selling will resume and so will the drop. As for the March options, if we drop after Feb. expiration into the 22nd, we could hit a local bottom and bounce fairly strong into the month of March. I do not think it is possible to sustain any kind of rally without another drop that exhausts some of the selling.