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<DIV><FONT color=#000000 size=2>Good evening,</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>I posted the following message to the Real
Traders Discussion Group and am posting it here in hopes of creating addional
discussion.</FONT></DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV> </DIV>
<DIV><FONT color=#000000 size=2>Would anyone here be willing to discuss their
strategies for taking some profits out of the globex markets?</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>With the huge moves going on lately in the
S&P and the JY it seems a shame to let this go untraded. But it seems
to me that with out the ability to set stops it's kind of like catching
knives.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Many thanks for your consideration.</FONT></DIV>
<DIV><FONT color=#000000 size=2></FONT> </DIV>
<DIV><FONT color=#000000 size=2>Bill Nakielski</FONT></DIV>
<DIV><FONT color=#000000 size=2>Milwaukee, WI
USA</FONT></DIV></DIV></BODY></HTML>
</x-html>From ???@??? Fri Aug 28 07:23:22 1998
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From: "Steve Karnish" <kernish@xxxxxxxxxxxx>
To: "MetaStock-List" <metastock@xxxxxxxxxxxxx>
Subject: With Andy's permission to reprint
Date: Thu, 27 Aug 1998 22:06:09 -0700
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Thought the list members might enjoy what a cheap, good daily
and intraday update service can do for you. The first paragraph
is the morning comment posted really early and the next three
post were email updates during the day ...all for $19.95/mo. I
don't even get a kickback! I've seen a lot of tout services and
this is simply the best for market direction, bonds, precious
metals, currencies, and grains. His famous "blue chip doji"
call at the top of the market is one I'll be telling my
grandchildren about. The final email nails the close and gives
interesting insight into possible scenarios for tomorrow.
Enjoy,
Steve Karnish
CCT
Selected AceVu Comments for:Thursday, August 27,
1998Comments:***Sept Bonds - Immediate resistance is now 126-01,
then 126-05 - 126-09. Support is 125-16, then 125-07 and 124-16.
Despite these lofty levels, there is every indication that this
market will push to new highs. Upside targets remain 126-16,
then 127-10.***** Sept S&P500 Index - The "ping-pong" price
action continues to be viewed as the beginning of a 5th wave
decline (5 of 1) or an ongoing wave 2 correction. In either
case, a break to new lows is eventually called for. Resistance
is 1089.80, 1098.10 and 110295, with support at 1082.90, 1076.30
and 1068.10. Overnight price activity implies a test of the
1068.10 level; a rally from this level will likely be dramatic,
but a weekly close below this level will trigger additional
panic liquidation. Despite the wild swings, a Bearish count best
fits the entire decline series from the industrial strength
"Blue Chip Doji" high of 1199.40 on 7/20, which was backed up by
a weekly-degree bearish engulfing line candlestick. Look at the
daily chart and note the difference between this decline and the
one from the 4/6 high at 1154.00, which we soon identified as a
bullish Elliott double three. From the 6/19 Review: " All the
price action from the 4/6 high at 1154.00 counts best as an
ongoing complex correction, (An Elliott Double Zig-Zag or Double
Three) and this is Bullish." We anticipated new highs, and
refrained from shorting this market (From a position standpoint)
prematurely. Additionally, on the current daily chart, with a
little imagination you can see a potential Head & Shoulders
pattern developing with a down-sloping right shoulder now under
construction. Despite the daily madness, core equity positions
remain short or safe.
-- [ From: Vortex Technical Services * EMC.Ver #3.0 ] --10:51edt
We are approaching the real battlefield to hold the DJIA as
discussed
several times in the Daily Review. Again, from the 8/17 repeat:
"...I
believe the real battlefield to hold the Bullish line will occur
essentially
within a 300 pt. range beginning with the 8/97 prior reaction
high at 8299.
00, (Call it 8300.00) and an AceMagic calculation of 8015.00
derived from
8/97 - 2/98 consolidation support. This currently translates to
DJU8
targets of 83.10 to 80.20."
On the hourly chart, the DJIA looks to test the 8/11 low at
8316.80. The
current "bounce" from
8331.20 looks to be short lived, to be followed by another
decline to test
8316.00, and possibly into the 8299.00 - 8000.00 battlefield.
It may or may
not get there today, but that is where it appears headed. A
break to 8316.
00 today will put the S&P500 Index into the 1062.25 - 1061.30
price range,
and possibly somewhat lower, while a break to 8300.00 or lower
will likely
see the S&P500 test the 8/17 low at 1048.00. When the DJIA
reaches 8316.00
- 8299.00, if the S&P500 is in the general vacinity of 1055.00 -
1048.00,
and the DJU8 is at 83.10 or lower, that is the time to look for
Bulls to
make their stand and initiate a recovery.
Andy Green
Vortex Technical Services
AceCharts (http://www.acecharts.com)
-- [ From: Vortex Technical Services * EMC.Ver #3.0 ] --1:30edt
The current attempt to stabilize and "bounce" looks corrective;
a 4th wave
of low degree which then calls for a break to new lows. DJIA
immediate
resistance is the old support at 8316.00, 8331.20 then 8375.00.
At this
juncture, the hourly chart implies a wave 3 decline that is not
complete, so
somewhere along the line a drop to new lows remains anticipated.
No real
defense yet from the Bulls; I guess they are somewhat shaken, so
we have a
"you go first" situation, and nobody is moving. Core positions
remain short
.
Ace'
Andy Green
Vortex Technical Services
AceCharts (http://www.acecharts.com)
-- [ From: Vortex Technical Services * EMC.Ver #3.0 ] --2:27edt
OK. The market is poised to make new lows. Consider exiting
somthing like
2/3, or the bulk of short "trading positions" on this break
given that we
don't know how far it will carry, and given that once a new low
is made,
technical requirements for a completed 5th wave are met. It may
be the last
hour or so when the Bulls begin to make a stand, and there are
Bullish
divergences on the short-term charts.
The Bear market remains intact, and core positions remain short,
i.e. short
or safe (Cash) in most equity holdings. But from a trading
standpoint, we
could get a doozie of a reversal either today or tomorrow. Even
if I'm
wrong on this, (The next best scenario is a close just off the
lows today, a
gap-down opening tomorrow morning with maybe 30 minutes
follow-through, then
a rally all day) and the market just keeps moving lower,
somewhere along the
line will be an opportunity to trade the short side again.
Additionally,
vertical markets can be difficult to analyse; the extent of an
upside
reaction now is anybody's guess, but we are getting close to one
if one is
to be had. A close above 1059.80 in the SPU8 will imply another
3 - 5 days
of rally.
If a new low is not made in the DJIA or the DJU8, consider just
holding
short as the decline just does not "look" complete yet, or just
put some
money in your pocket anyway. Your choice.
Ace
Andy Green
Vortex Technical Services
AceCharts (http://www.acecharts.com)
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