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Hard to believe it's been 10 days since Greenspan day, but it has and it's
been a very tough 10 days to trade. This time I do concur with the bearish
divergence on the McOsc which is very pronounced on the NYSE but rather
nominal on NASDAQ. It is interesting to note that the McClellan Summation
Index on the both the NYSE and NASDAQ have moved quite close to the
Summation highs at the all-time highs in each index. I've lost count of the
number of cycle low projections, including my own, which I've seen for
October 28-30 so if we don't get a gigantic drop today, there are some
cycles hanging around we haven't discovered. The most striking aspect of
this huge rally is the lack of volume and failure of OBV to confirm the
rally - this is especially noticeable in the S&P futures and SPY. I continue
to show the S&P Dec in a wide trading range trending very slightly upward
between 935-1085, with closes on 10/22 and 10/29 above that range. If we
don't get a strong thrust today to expand that range significantly, I think
we can look for pullback to 1020-1040 area.
Earl
-----Original Message-----
From: Proffittak@xxxxxxx <Proffittak@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, October 30, 1998 6:15 AM
Subject: sp500 update
>good morning
>
>obviously my fri projection of 400-600 dow points by fri did not
>materialize however. we did have from fri hi to wend low over 300
points
>now we definetely have a berish divergence in McClullen osc. nya closed
at
>the hi for this move unconfirmed by osc
>other sins are new hi yesterday only imprved by 6
>and new lows INCREASED
>my vol in not offically on a sell but only needs one bad day to tilt it
to
>sell
>if we are up today take your money out of your 401k mutural funds etc
>becuse NEXT week will be the killer
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