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

To: AllansAlias who wrote (47439)	7/25/2002 11:24:51 AM
From: Perspective	Read Replies (3) \| Respond to of 209892

So nice of the market to remember my birthday! SOX down 33 points is the best gift I could have asked for. <g> I decided to remove some of my hedges yesterday when Smelly wouldn't join in the short-covering rally. That was 3:05PM. Could have gotten another 4% off those damn things. Now that sale is looking a little better. Tempting to get them back, but I think we get to 300 here before the next meaningful bounce. Serious long-term damage being inflicted by price here now. That AMAT line is looking like it failed, was retested complete with a headfake back over yesterday, and now back under. Failed breakout - not good those. We are finally putting together the conditions necessary for the kind of flush necessary to put in a reasonable IT bottom. Smelly must participate in the flush in a big way, and giving up 350 was absolutely necessary. Now if we can get a serious non-tech retest of Dow 7400 complete with a little true fear in tech-land, I might believe in a multi-week rally to retest the breakdowns scenario. BC