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Hi DIMITRIS,
Friday, November 12, 2004, 4:49:42 AM, you wrote:
DT> Yuki,
DT> The message of this US session is positive [NYSE Adv/Dec 2244/977,
DT> Nasdaq Adv/Dec 1834/1192]
DT> The gate to go higher [for a while] is opened.
DT> Follow your heart...
DT> Dimitris
Yes, I saw the futures before I went to bed, but that can sometimes
be quite misleading. This morning, I saw the results.
We get 3rd Q GDP 10 minutes before the open this morning. If it's a
good number, we should test 11,000 again before the day is out, maybe
early. If it's a bad number, we aren't going anywhere. I have come
to the conclusion that reluctance to commit before this number
combined with a bad machinery orders number left an opening for the
Osaka Boyz (where the ^225 futures are traded) to run the table. They
will, and they did.
Chicago says 10,900 isn't the number, but 11,000. Not much
difference really, less than 1 percent. But the *real* number is the
50-day, now at about 11,030. Almost *any* rebound today will hold
the 18-day, which is about ready to level off and head north. I
think I may have been right when I initially thought this would be a
good entry spot. But it's hard to enter in the face of the last
hour's activity here yesterday. I expected a more orderly market,
but I sure did not get one. Line up the lows on Oct 25 and Nov 1
however, and yesterday's plunge halted right where it needed to.
My 5, 10, and 20 day oscillators set up in a formation to suggest
that a replay of Sept 3 and 6 is entirely possible. We shall see, as
always.
Best,
Yuki
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