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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.
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