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According to the CBOE OEX P/C ratio of 1.539 = 1.54 the signal is to buy
the open on Thursday and hold for two days, according to Kurt's mechanical
system that is. Other indicators are in mid stream such as CODI and MVI
and I would rather enter at the extrems for a lower risk trade.
BobR
http://www.oextrader.com/momentum.htm
At 12:42 AM 10/23/97 -0400, Donald Thompson wrote:
>RL2946@xxxxxxx wrote:
>>
>> Ross, and RT,
>..........................>
>> 2. Having said that, Tuesday (10/21) high was
>> approximating the 0.786 retracement from
>> the 10/7 high and 10/17 low. That, I think,
>> is an indication of bearish quality for the SP,
>> given today's inability to breach the level moc.
>> If the SP closes above 10/21 high, a new leg
>> up w/b in the cards, not necessarily
>> immediately, imho.
>>
>> Best wishes,
>>
>> Rory Lewellen RL2946@xxxxxxx
>
>
>Rory,
>
>the .786 retracement number is one I watch too.. I found it interesting
>it didn't make it above it. I think a .786 is usually a B or a 2 if
>such is the case... then it's a bearish tone.
>
>I know that if it get 8 to 15 ticks about the .786 its a gonner.. The
>p/c ratios were up pretty high at the market close. Maybe BobR or Walt
>will have a better feel for the impending tone of the market.
>
>Don
>
>Don
>
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