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

To: Jeff who wrote (54586)	4/22/2002 6:59:30 PM
From: ajtj99	Read Replies (1) \| Respond to of 99280

Jeff, I was also watching to see how we handled the gaps at NDX 1464 and COMP 1769. They can give a measure of support. My trigger to short today was a breach of NDX 1460 after that gap down. Had we not gapped down, I would have been short and putting the open. I was actually hoping for a bounce from NDX 1460 today so I could buy puts on a re-trace. No chance. I have been in cash for several weeks now, as I did not trust this rally one bit and I was too busy to play intra-day stuff. I was waiting for confirmation of the change in trend to get puts and short. We got that with the breach of the gap support, IMO. I'm slightly heavy on May QQQ puts, which will be either unloaded if support at NDX 1322 holds (doubtful) or unloaded at NDX 1300 if that level holds. If NDX 1300 does not hold, we're going to NDX 1280 or so, IMO.