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<DIV>Hi Bob & all,</DIV>
<DIV> </DIV>
<DIV>Since the focus of the list seems to have returned to trading, here's my
plan for the S&P as far as daytrading it on Monday<STRONG>:</STRONG></DIV>
<DIV><STRONG></STRONG> </DIV>
<DIV><STRONG>SELL! Sell early, sell often, sell, sell,
sell!</STRONG></DIV>
<DIV><STRONG></STRONG> </DIV>
<DIV>Seriously though, it appears to me that the current rally is quickly
reaching the point of exhaustion. Even though I never heard of the Wolfe Wave
(sorry Bob), the wave formation looks like a terminal structure, especially on
shorter term charts. Without getting involved in tedious count analysis, I
expect a sharp decline in the morning (hopefully not overnight). Barring an
overnight collapse, I think one could safely put in a sell stop at around
1147.50 and expect a sharp drop of around 20 pts.(<U>roughly)</U> on the day.
Having limited experience in analysis, you may take what I say with a grain of
salt. Been hitting the short term numbers pretty well lately though, so I
figured I'd throw one out there and jinx myself. The market will tell...</DIV>
<DIV> </DIV>
<DIV>Good Trading to All,</DIV>
<DIV> </DIV>
<DIV>Dennis C.</DIV>
<DIV>dconn@xxxxxxxxx</DIV>
<DIV><FONT face=Arial size=2>-----Original Message-----<BR>From: <A
href="mailto:BobRABCDEF@xxxxxxx";>BobRABCDEF@xxxxxxx</A> <<A
href="mailto:BobRABCDEF@xxxxxxx";>BobRABCDEF@xxxxxxx</A>><BR>To: RealTraders
Discussion Group <<A
href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>><BR>Date:
Sunday, November 08, 1998 4:46 PM<BR>Subject: GEN: Hourly Wolfe
Wave<BR><BR></DIV></FONT>>Anyone have an interpretation of this Wolfe Wave on
the hourly spx? <BR>><BR>>Thanks,<BR>>Bob<BR>></BODY></HTML>
</x-html>From ???@??? Mon Nov 09 05:55:10 1998
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Date: Sun, 08 Nov 1998 23:22:10 -0700
Reply-To: jwalker@xxxxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: Jeff Walker <jwalker@xxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: MKT: sentiment - bears suprise
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----------------------------------------------
LOWRISK.COM
INVESTOR SENTIMENT SURVEY
11 / 9 / 98
------------------------------------------------
Below are the results of our weekly "Guess the Dow" sentiment survey. The
survey was taken from 11/2 through 11/8 on the Lowrisk.com web site.
Number of participants: 446
30 day outlook:
50% bullish, 46% last week
35% bearish, 31% last week
15% neutral, 23% last week
(percentages may not sum to 100 due to rounding)
Median guess for the DJIA closing value on Friday, 11/13: 8865 (it was 8501
last week). More complete sentiment data is available at
<http://www.lowrisk.com/sentiment.htm> .
The bulls picked up more ground last week, rising to 50%. That is the
highest reading since 7/19/98, the day before the market set its all time
high. But the biggest news this week are the bears, as they picked up
ground also - bearishness rose 4% to 35%. This is very surprising during a
week in when the DJIA rose 383 points and set reaction highs every day of
the week. While we suspect that there might be some choppiness ahead, this
increase in bearishness makes us suspect the bulls have some more room to run.
To try this week's contest, stop by: http://www.lowrisk.com/guess.htm
More sentiment data is at: http://www.lowrisk.com/sentiment.htm
best regards,
Jeff Walker
------------------------------
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mailto:gtd-request@xxxxxxxxxxxx with the word "subscribe" in the body of
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