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Correction to trade tally on the exit today.
BR
At 11:14 AM 11/17/97 -0800, bobrabcd wrote:
>Well, momentum is about exhausted, and expiration week is fraught with
>whipsaws. I would still agree with John's symmetry analysis, that some
>profits should be taken especially if one is playing with November options.
> They can evaporate overnight.
>
>BobR
>
>At 01:17 PM 11/17/97 -0500, you wrote:
>>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
>>----------
>>> 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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