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Strategies & Market Trends : P&S and STO Death Blow's -- Ignore unavailable to you. Want to Upgrade?

To: jjstingray who wrote (569)	5/19/2002 8:52:16 PM
From: ajtj99	Respond to of 30712

jj, if we broke out and tested 1832, that would probably signal a double top, IMO. I'm not going to worry about 1832 until we get to 1653, as I think we're through at the mid 1700's for at least a couple of days. The key is the 1653 level. What happens there will determine the where we go from here. If we breach that gap support, we should ultimately re-visit it soon after the bounce most of us would expect. Maybe we get a double top 1759 out of that, or a lower high with a pseudo double top. If we move strongly up from the 1653 level, it is possible we will be testing the gap at 1780-1795 and ultimately the 1832 pivot high. The SPX looks quite spent here, and it may be a tough task to get the COMP above 1759. Stranger things have happened. The charts suggest that if we do go down, it will not be a sudden process, so maybe this ping-pong thing will last a few weeks between 1560-1750 before the real nasty stuff starts. My biggest problem is whether or not to close and re-position BTK puts if we close the gap at 1653. If that happens Wed, the FDA ruling on AMGN on Thursday could tank the BTK even if the COMP does rebound strongly. Tough call.