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Look back at daily spoo since Sept 1 and you'll see lots of days which look
like reversal days which subsequently died. I just follow the squiggles up
and down but today's rally off the bottom looked very suspect to me. I run a
variation of Chande's MTO which updates from real-time NYSE a/d volume and
a/d issues and it should have had a _much_ bigger swing off the floor to
confirm the big rally. Today was one of the rare occasions when the market
has been able to rally significantly without taking the MTO with it. MTO on
the NASDAQ stayed down for the count. Makes me wonder if the Fed isn't
buying a spoo whenever necessary to maintain an orderly retreat.
Earl
-----Original Message-----
From: Trade Jack <trade_jack@xxxxxxxxx>
To: Robert W Cummings <robertwc@xxxxxxxxxxxxxxxxxx>
Cc: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Thursday, October 08, 1998 2:16 PM
Subject: Re: next emerging country in crisis : USA
>dow is the public's stock barometer, so heavy buying by institutions
>(rubin's action?) to prop up the dow while shorting the futures. the
>last thing the fob's need now for bill and dem's is a public stampede
>to the exits and a dow close below 7400, precipitating a collapse
>before nov elections. notice how it was not violated today. i bet
>that there's a shitload of resting sell stops sitting right below 7400.
>
>TJ
>
>these guys (fob) are really scared
>
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