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Strategies & Market Trends : Playing the QQQQ with Terry and friends. -- Ignore unavailable to you. Want to Upgrade?

To: Gush who wrote (1003)	6/24/2005 1:36:39 AM
From: Walkingshadow	Read Replies (1) \| Respond to of 4814

I agree. I have thought this for weeks now. But.... as I often do, I got into the short position too early, there was still a bit of upside left. Somebody should tattoo "DO NOT ANTICIPATE" onto the back of my mouse hand! Anyhow, I added to the short position just about at the top so that helped some. They were particularly merciless with the DJIA, which was down triple digits today. All systems go for now, but today there was a very significant volume event----a huge spike in volume as the market neared the low of the day. The suddenness of this volume surge, together with the look of the previous two yesterday and today, suggests programs kicking in, which dilutes the significance somewhat because if I am correct, those programs were net short, and covered their positions today and/or took up new long positions. This now tells me the downside will not be huge, and in fact I would not be surprised to see a bit of relief tomorrow. I still say that the first likely reversal point will be about $36.50. I think it is extremely unlikely that $36.00 will be broken. T