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Hi DIMITRIS,
Tuesday, November 9, 2004, 4:48:48 PM, you wrote:
DT> Yuki, How about testing the 10,600 soon ?
It would be a real test, for sure. As I'm confident that you know,
this is the "line in the sand". Since late July, we have been in an
800 point range basis the ^225. 11,400 has been the upside, and
10,600 has been the downside.
I cannot rule out a test of that number. But I would give up my
positions before that, and regroup to fight another day. We are dead
smack in the middle of the range now, which makes prognostication
rather difficult. At that number, I'd have to try again, however,
although I'd probably demand a discount because of the negativity.
In early October, I thought we were embarking on a run. Nonetheless,
I went to tropical Queensland, convinced that I was going to miss a
pull back that I'd want to buy. Fortunately, I was chasing
crocodiles in Cape Tribulation when the "opportunity" presented
itself. As you know, the market simply melted down in mid October
after the early October run.
Why this is different, I'm not sure. But the volume totals look
different to me, and the election, and $55 a barrel oil, are behind
us. Clearly, there are other potential traps of course. There
always are.
Best,
Yuki
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