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looks like a lot of fun on the ride down, i'll buckle up.
also, look at the transports......i am now hearing hints of "dow theory"
but MOST AMAZING: most people are NOT buy puts, this may be the surprise
they forget to plan for, or actually believe you can buy every
dip..........
i tried to send an e-mail to everyone this morning but it seems as though
it vanished into cyber space. anyway, after the first hour, well actually
the first few minutes,
we saw ndq cash up over 19 points, then faded back and continued to trend
lower, (i find that ndq cash tends to trend the best), so with the ndq
heading south and reversing from early minutes highs it seemed obvious
after the first hour we were headed lower, again i tried to send a comment
at that time but it didn't go through? also today (wed), we had an inside
day with a down close, that is bearish too.......
gary
hawaii
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> From: Donald Thompson <detomps@xxxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Mkt:Oex,SPX, SPu8 Pivot
> Date: Wednesday, July 29, 1998 7:26 PM
>
> Rt's
>
> Tomorrow should be an interesting day. imho.
>
> Today the SPU8 couldn't get to S1. This is usually a bullish kind of
> event.
> Secondly, Selling increased after 13:00 EDT- price dropped. Volume made
> a new cumulative low
> intraday, but price did not. I have observed this before and I
> interpret the larger capitalized
> issues, which carry more weight in the SPX, to being bought. One cannot
> ignore that volume continued down. but Momentum and the McClellen
> Oscillators have "hooked" up
>
> I see two senarios. A rally up into the pivot at 1134 SPU8 even up to
> 1137 SPU8 to take of any early morning bullishness. Like today, then a
> final whoopy down to 1122 SPU8, the s1, which takes out all the stops
> resting just under 1124 SPU8, If volume is negative then continuation to
> 1115 SPU8.
> If Volume turns positive then a rally could ensue.
>
> Or. An early spate of bearishness that continues down to 1122, due to
> weak volume at the close. If volume continues negative farther downside.
> Again if volume increases and goes positive a short term rally would.
>
> There are other scenarios like sideways.. rally up with no follow thru,
> afternoon plunge into the abyss, :)
>
> Enclosed are S2,S1, Pivot, R1, R2
>
> SPX OEX BONDS SP8M
> Pivots Pivots Pivots Pivots
> High 1138.56 559.39 122.500 1145.90
> Low 1121.98 550.63 122.063 1126.80
> Close 1125.21 552.75 122.094 1129.30
>
> R2 1145.16 563.02 122.66 1153.10
> R1 1135.19 557.88 122.38 1141.20
> Pivot 1128.58 554.26 122.22 1134.00
> S1 1118.61 549.12 121.94 1122.10
> S2 1112.00 545.50 121.78 1114.90
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