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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (46295)	7/19/2002 12:03:16 AM
From: The Freep	Read Replies (1) \| Respond to of 209892

Allan, my plan is actually to buy the bottom tick of the bottom. Failing that (and I give failure about a 7% chance), I agree that it's far safer to buy AFTER the bottom, even assuming I'll miss a fair amount. (This, of course, is contingent on tomorrow/next week not showing reversal. Then I think it'd be back to wait mode.) One critical thing I have learned from you and this board is to watch the reaction on the first pullback. That's been helpful to be sure. One reason I've been harping on continued down here is simply that I felt IFF we were gonna have capitulation, it had to come in a snowballing way. . . feeding upon itself as failure after failure finally causes frustration. Of course, I still think there's a chance I wake up to green futures tomorrow, but what I note all over SI and elsewhere is that there is a ton of talk about good earnings AH and nary a mention of the fact that this is the lowest S+P close in, well, geez. . . I don't even know how long. And on this, the VIX was up a fraction? the freep -- a bull, dammit

To: AllansAlias who wrote (46295)	7/19/2002 12:03:29 AM
From: Shack	Read Replies (3) \| Respond to of 209892

All my colleagues at work think we hit bottom. I have several friends who have committed large sums of money to the market in the last couple of weeks against my advice. And guess what? They all love the banks here! The BKX chart is in complete crash mode as are the retailers. Quite frankly every sector is tanking except golds. You seen health care stocks? Meanwhile the SPX H&S is still in play, throw in a clownbuck that can't find support and the commercials shorting into a decline and I think this whole thing is on the verge of falling right apart. Meanwhile traders are mostly long! Shit Allan, all the indices are down smartly today and I see the VIX,QQV,VXN are all down too???? WTF? QQQ O/I putcall for July and August at flippin .59?? This is as close to a crash as I think we have ever been and I have to say that my thoughts of a mulitweek bottom being in place are seriously in doubt now.