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I have to differ on this one because of the fact that breadth is very
strong and has been since the opening. It is currently 3.9 to 1 to the
upside (1:11 pm EST). I agree we are overbought but it would be unusual for
this market to have any type of sustained pullback with this kind of
internal strength. We may get a sharp selloff at anytime but I believe
you'll have to be very quick on the trigger to catch it, then it's higher
highs for the move. I won't look to short until I see some market internals
(breadth, ticks) start to weaken as prices move higher. How high? 970
maybe.
Regards,
Tom Alexander
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> From: G.John Boggio <boggio@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: MKT S&P General Comments
> Date: Monday, November 17, 1997 12:22 PM
>
> Realtraders,
>
> Just to let you know, my short-term charts are indicating that we are
> fast approaching significant overhead resistance as well as overbought
> indications in the market. Currently it is 12:15pm est and the SP Z7 is
> trading at 95120, and the $SPX at 946.70. Presently, I see this overhead
> resistance coming in at 95500 and 950-952 respectively. Further, we DO
> have symmetrical resistance at those levels. Therefore, for the
short-term
> trader, there would appear to be very nice shorting opportunities in this
> market. For the intermediate trader, you may want to sell some of your
> positions so as to lock in profits.
>
> Yours truly,
> John Boggio
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