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To: jjstingray who wrote (78917)	8/12/2003 7:10:49 PM
From: SwampDogg	Respond to of 209892

H&S building on QQQ with a lot lower volume on the right shoulder. DOW may make a marginal new high but this does not look like it is going very far. I don't see anything scaring bears here except maybe a break above DOW 10000. Puts and shorts will increase as we move higher and they will eventually pay off. With numbers like AMAT bears will have all of the patience in the world. Quote from AMAT... <<One near-term worry is that a strong source of orders in the just-ended quarter is likely to diminish.>> We may not see a real melt until after options expiry The rub just may turn out to be that we fall faster than even the bears think. There is always a twist and the Wave 5 of C up is just too bloody obvious. You want to see shorts and puts, they will be a lot higher anywhere near 9500. I do not think that we get there for that very reason.

To: jjstingray who wrote (78917)	8/12/2003 7:41:22 PM
From: Shack	Read Replies (2) \| Respond to of 209892

Back from my bike and I see AMAT warned and closed down a whole 17¢ after hours. Methinks it may be sold out short-term but who knows. Futures are flat too. For the TNX watchers, yields formed a beautiful wiggle wedge off the last high, broke out, and is now moving up again. My guess is we are in the last wave up in yields and I will be buying back all the bonds I sold in mid June. We may be in a real bond bear but for now I am treating this as a buying opportunity. I would like to see yields in the 5's before I buy however.