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My cycle work also suggests a possible bottom today (9/4) and a lower bottom in
late September (28-30). Suspect we'll see 800 in the spoo before this is over. I
don't trust the option ratios in this market. Volume in both the futures and the
SPY has accelerated into lows indicating selling is not over. Note that the
recent low in the McOsc on both the NYSE and NASDAQ made lower lows suggesting
further weakness ahead. Also the 5dma of the McOsc on the NASDAQ made a lower
low while on the NYSE it has just barely avoided a new low at extremely low
levels. Summation has not stopped declining. Weekly McOsc is even more negative.
Earl
-----Original Message-----
From: Proffittak@xxxxxxx <Proffittak@xxxxxxx>
To: eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
Cc: realtraders@xxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxx>
Date: Friday, September 04, 1998 4:17 AM
Subject: Re: MKT - waterfall decline again?
>good morning
>probably today is the short term bottom(with possible lower low then
>yestrday but by 09/12/98 we will visit 1012-1025sp
>then we go down to 420nya which is the waterfall
>reason for short term to 1012-1025 is p/c on cboe 1.17 on ALL eqities
>p/c on all indexes 1.91
>p/c on sp 500 2.56
>
>happy trading
>Ben
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