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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: Ramus who wrote (5036)	8/5/2002 11:51:44 PM
From: bing.c.wong	Respond to of 11288

Hi Walt, a 70 pt. range day reversal on the SP, 700 pt reversal on DOW on 2+ billion shares I would agree that it sure seemed like a capitulation to me esp. the v.oversold readings leading up to it.. only thing peculiar to me was that the next day, they were still selling the NAS, SOX, and there was a point in the day of July 25 at 2:10 that I saw some real weakness before strong buying came in on v.weak breadth before and after; even more strange was rising prices a few days after also on weak breadth...if it were real capitulation which it sure looked like, I would have thought that all the weak hands would have left, and only buyers remain which should have been been confirmed by breadth( which was not, and they were still selling the NAS, SOX the next days)...but I guess in the end, price action prevails above all else. So far, until we see the next rally above the 912 level, my guess is that we will retest the lows of July 24 and carve out a larger consolidation here before another leg down..... ... just IMHO here... Keep up your posts, I enjoy reading them.