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

To: bobby beara who wrote (48838)	4/9/2002 9:04:48 AM
From: ajtj99	Respond to of 99280

bb, actually I was going to pull the trigger and get USPIX yesterday, but I stopped short (my pop got it, though). I'm neither bearish or bullish. I'm just reading charts. I don't trust the reversal yesterday, as the set-up was just too cute and the day had no volume to speak of. The new lows expanded on the Nasdaq in spite of a higher close, not the sign of strength. I believe if we get a low it will not be after a huge gap down. I believe it will be on a steady drop to support, with a small bounce, and then a re-test intra day after a bounce. This did not happen. I believe this is an oversold bounce that may be over as soon as the 60-minute is overbought again. Furthermore, the support levels on the NDX that were breached leads me to believe we'll see the Feb. lows taken out, but that's just my opinion. We'll see what happens. I can't watch things too closely right now, so I'm being quite cautious.