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Don't feel like the lone ranger, Tuesday was a tough trading day ... while
the trend was down, the retracements were exceptionally sharp. I went long
in the morning and took a point loss. Went short and had it run 4+ points my
way, then come back so sharply that I had to decide between covering or risk
turning the trade into a loss ... walked away with 1 point only to see it
turn south again. This morning was a much easier trade on the long side with
extremely strong advancing issues and volume, however with market this
extended, I'm quick to take profits.
Earl
-----Original Message-----
From: Steve Walker <Steve@xxxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxx>;
eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
Date: Friday, October 30, 1998 8:31 AM
Subject: Re: sp500 update
>RTs -
>
>I have had a hard time with this run up as well. Went short Tuesday and
was stopped out yesterday. Using Gann Angles and an Andrews counting
technique, I am looking for resistance in the 1105 - 1125 SPX cash range and
will try a short again once the price reversal is confirmed.
>
>Steve
>
>>>> "Earl Adamy" <eadamy@xxxxxxxxxx> 10/30/98 07:59AM >>>
>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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