|
PureBytes Links
Trading Reference Links
|
I agree with this. Market is strong, and I wouldn't expect to see any weaknsess
until upward trendline is broken. see attached.
[Image]
Earl Adamy wrote:
> I will be exercising great caution in shorting this market on a day trading
> basis and will not be shorting on a position trading basis. This rally has
> roared on all cylinders except volume. Breadth, financials, broker/dealer,
> small caps, and momentum have all been strong and the market has shown
> strong preference to correcting sideways rather than downward. I'd be
> surprised if we correct by more than 25% of the rally from the Oct 8 low.
>
> Earl
>
> -----Original Message-----
> From: Steven C. Walker <Steve@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Thursday, November 05, 1998 5:42 AM
> Subject: Re: Gen: Stock Market
>
> >RTs -
> >
> >Follow up.... Downside SPX cash target area is 1020-1050. SPX fututres
> are off 6.00 as I write this. Will go short on the close if below 1105.
> Stop at 1115. Acceptable risk/reward of approx 3:1.
> >If downside move develops and performs as targeted, this will confirm a
> change in trend from bear to bull.
> >
> >Steve
> >
> >>>> Steve Walker <Steve@xxxxxxxxxxxx> 11/04/98 04:15PM >>>
> >RT's
> >
> >I have been looking for a top in the 1128 SPX area. I arrived at this by
> >taking the July top of 1191 less the August low of 939 or 252 points * 75%
> for
> >189 points. Add this to the August low of 939 to get 1128 on the SPX.
> >Today the cash SPX made a high of 1127.18 before closing lower on the
> >day. Today is Nov 4, which is a full moon and much has been written in
> this
> >forum of the market declines which often accompany a full moon.
> >Additionally, Gann wrote that there is often a CIT in early November during
> >election years. I will be watching my short term indicators to initiate a
> short
> >position. I have not calculated my target low based on today's price
> action
> >however using yesterday's I get a downside target of 1015-1050 using Gann
> >Angles and 1030-1055 using an Andrews calculation.
<x-html><HTML>
I agree with this. Market is strong, and I wouldn't expect to see
any weaknsess until upward trendline is broken. see attached.
<P><IMG SRC="cid:part1.3641C038.CC85EA4F@xxxxxxxxxxxxx"; HEIGHT=242 WIDTH=981>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<P>Earl Adamy wrote:
<BLOCKQUOTE TYPE=CITE>I will be exercising great caution in shorting this
market on a day trading
<BR>basis and will not be shorting on a position trading basis. This rally
has
<BR>roared on all cylinders except volume. Breadth, financials, broker/dealer,
<BR>small caps, and momentum have all been strong and the market has shown
<BR>strong preference to correcting sideways rather than downward. I'd
be
<BR>surprised if we correct by more than 25% of the rally from the Oct
8 low.
<P>Earl
<P>-----Original Message-----
<BR>From: Steven C. Walker <Steve@xxxxxxxxxxxx>
<BR>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
<BR>Date: Thursday, November 05, 1998 5:42 AM
<BR>Subject: Re: Gen: Stock Market
<P>>RTs -
<BR>>
<BR>>Follow up.... Downside SPX cash target area is 1020-1050.
SPX fututres
<BR>are off 6.00 as I write this. Will go short on the close if below
1105.
<BR>Stop at 1115. Acceptable risk/reward of approx 3:1.
<BR>>If downside move develops and performs as targeted, this will confirm
a
<BR>change in trend from bear to bull.
<BR>>
<BR>>Steve
<BR>>
<BR>>>>> Steve Walker <Steve@xxxxxxxxxxxx> 11/04/98 04:15PM >>>
<BR>>RT's
<BR>>
<BR>>I have been looking for a top in the 1128 SPX area. I arrived
at this by
<BR>>taking the July top of 1191 less the August low of 939 or 252 points
* 75%
<BR>for
<BR>>189 points. Add this to the August low of 939 to get 1128 on
the SPX.
<BR>>Today the cash SPX made a high of 1127.18 before closing lower on
the
<BR>>day. Today is Nov 4, which is a full moon and much has been
written in
<BR>this
<BR>>forum of the market declines which often accompany a full moon.
<BR>>Additionally, Gann wrote that there is often a CIT in early November
during
<BR>>election years. I will be watching my short term indicators
to initiate a
<BR>short
<BR>>position. I have not calculated my target low based on today's
price
<BR>action
<BR>>however using yesterday's I get a downside target of 1015-1050 using
Gann
<BR>>Angles and 1030-1055 using an Andrews calculation.</BLOCKQUOTE>
</HTML>
</x-html>
Attachment Converted: "c:\eudora\attach\CTEMPnsmailUR.jpg"
|