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

To: Perspective who wrote (78521)	8/6/2003 1:21:42 PM
From: AllansAlias	Read Replies (3) \| Respond to of 209892

Thanks for that lucid summary Bob. There are a few things that work against going short in size here: 1) Very high option put interest. 2) For all we can see, SPX/Dow in a range, and that usually favours a continuation of the trend. 3) SOX not broken. Given the breakdowns since late last week, I'd say it is a 60% chance that the high is in, but I would love to see that Dow breakout I have posted a few times because I remain convinced that after "big C" is "big short", and that would be a great entry. The main thing is this: I am obviously slightly favouring the high is in, but I wouldn't hesitate at all to buy if we push back to 65% of so of the SPX range. That is clearly what should NOT happen if this is pointed down, so it's a good buy signal imo. Only position here is a few underwater NVLS calls. ps: And what do you make of the counts off the top in a 60min or higher timeframe. They are overlapping generally, and that is not what one wants to see when one expects to count impulsively (i.e., we are going down rather than correcting).