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G.John Boggio wrote:
>
> At 12:22 PM 11/17/97 -0500, G.John Boggio wrote:
> >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
> >
>
> Realtraders,
>
> Earlier today I wrote the above message. Currently it is 3:07pm est and
> the market has come within just a few ticks of my projected resistance zone
> and as such, I have initiated new short positions in the futures and
> options markets as well as sold some of my long stock positions. The
> reason why I am writing this post is to inform you of a possible attempt to
> 'run the stops' that reside just above the 95500 level in the SP Z7. If
> this were to occur, I would expect to see a flurry of buying that has the
> potential to drive the market to the 96500 level but would again represent
> extremely overbot conditions and a reversal should ensue after that buying
> flurry. So the point is, don't panic if we get above the 95500 level, just
> wait it out for a few minutes and look for the reversal back to the downside.
>
> Sincerely,
> John Boggio
> PS Please remember that this analysis is short-term in nature and should
> be traded accordingly. As for the magnitude of the possible decline, I DO
> NOT have any projections at this time.
>
> For recent commentary and more informations regarding SymWave, please go to:
>
> Commentary: http://www.realtraders.com/boggio/disc7_toc.htm
> Info regarding SymWave: http://www.realtraders.com/boggio/boggiobio.htm
>
> Thank you.
to add to your analysis, volume was considerably lower than that of
Thurs and Friday on this punch through. I see resistatance at 940 basis
S&P cash. We did punch through that level, but on weaker volume.
My 2 cents
MM
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