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To: AllansAlias who wrote (51628)	8/28/2002 11:18:35 PM
From: mishedlo	Respond to of 209892

The question is : How big the snapback? Max pain is technically 25 but I see it as 24. At 24 we have 74K calls vs 121K puts. At 25 we have 129K vs 94K. We have not closed above max pain two months in a row for something close to forever. gg/ng But Max Pain can change. A very good buy point would appear to be QQQ 22+. Can we get there? Went to nearly all cash today. Note: It is still August so talking about Sept Max Pain is very premature at this juncture. That is why rally calls at this point are most likely premature. Given that, I should have held my puts. QQQ 22 to QQQ 25 is a pretty big rally and not one you want to be short on. Can we get there? M

To: AllansAlias who wrote (51628)	8/28/2002 11:22:46 PM
From: pressboxjr	Respond to of 209892

Banking Index could be in trouble: jrscharts.com

To: AllansAlias who wrote (51628)	8/29/2002 12:13:52 AM
From: skinowski	Read Replies (2) \| Respond to of 209892

Just a couple of quick points… Major indices made 3 waves down off the high of a week ago. The 2nd legs down of SPX and of the DOW are just a touch more than 100% of the corresponding 1st ones… NDX moved down harder. I’d say that the bearish case would weaken quite a bit if they go up and trade above the bottoms of their presumed first waves down… an overlap would make the decline look corrective. This gives us levels to turn more neutral, or at least cautious of the bearish stance. The levels are approx. 930 on SPX, 8760 on the DOW and 990 or so on NDX I think they are worth watching. And, of course, a (wave 4) consolidation, followed by a fifth wave down (on a 15-60min chart), would make the entire move more convincingly bearish… and, after a proper pullback, one would expect at least a "sister move" to take place. I’m moderately short, and will look to increase – unless above levels are broken, which would call for caution. (Sorry for the jargon… it does allow to say the most, and in the least number of words… -g)