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The S&P has very strong resistance in the 1020 area, however it has now
confirmed a trading channel of 930-1080. While it may take a couple of days
to do so, it is likely that it will penetrate through the 1020 area and move
close to the upper end of the trading range. A failure to move strongly
through the 1020 area would indicate the end of this rally. As of Monday
close, I have short term buy signals on both the NYSE and NASDAQ, however
buy signals should be taken in the context of very negative intermediate
term technicals. Virtually all of the major global markets are severely
oversold and the dollar has weakened, so global markets are likely to be
generally supportive of a rally in the US equity markets. The RU2000 may
have completed its move to the downside, however improving relative strength
in the illiquid small caps should be viewed with caution as long as the
world remains in a crisis of liquidity.
Earl
-----Original Message-----
From: Gary Fritz <fritz@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, October 12, 1998 8:37 PM
Subject: Re: MKT - INDU
> good evening everyone
> for the week i expect the mkt to be up
> we may have one or 2 down days but the bies is still up
> how hi??
> short term 1020-1030
Hm. So since it hit 1020 today, would you expect any more upward
movement? Are you looking for a *close* in the 1020-1030 area, or
just intraday?
I'm looking to move most of our liquid funds out of Janus 20 within
the next week, and we will probably need to use some of it within the
next few months. So I'm watching the market closely and I really
appreciate your (and the others') projections!
Do you have a feel for the top in the NDX? Janus 20 seems to mirror
it almost exactly...
I have it on my calendar to send you an email on 1/1/99 to see about
an "apprenticeship," per your email of 9/11/98. Looking forward to
it!
Gary
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