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

To: AllansAlias who wrote (50750)	8/20/2002 1:14:37 AM
From: Shack	Read Replies (1) \| Respond to of 209892

Yes, I see the newbie shorts too, and they all like tech. Somehow I doubt the market rewards these cubs. Between them and the small spec NQ shorts (who are deeply underwater now), I wonder if we'll get much down at all. Looking at a QQQ 90-min, I think 23.50 is going to hold.

To: AllansAlias who wrote (50750)	8/20/2002 9:50:27 AM
From: Paul Shread	Read Replies (1) \| Respond to of 209892

>>bears strike me as more nervous and less eager to short<< Is this market-bullish or market-bearish? Seems like the opposite of October-November. From Richard Russell, who nailed last fall's rally and then did a good job of getting out at the top too (probably means he's due for a bad call -g-): "Looking at the overall broad market as discerned by the Wilshire 5000 pictured above, it is clear that although the rally which began July 23rd - it hasn't moved through any resistance of consequence. But, we do note that resistance at the "neckline" of the longer-term "head & shoulders" lay just above current prices at 9000 . Thus, while the short-term may be positive - it is well within the context of a longer-term bearish pattern. Henceforth, from a trading perspective - we do not believe the rally will last much more than the next four to six weeks - and we further believe that while prices may go higher - it shall only be modestly so. Therefore, we would use this rally to lighten up on current long positions, and look to become short as resistance shows it's merit - i.e...prices resume their lower trajectory in conjunction with the important oscillators. Until then - monitor the rally's progress closely, for the bear market could resume far sooner than many anticipate."