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Twas I.
As for the "wedge" formation, I had said on CNBC it was not a real good
"wedge" in the classic sense since we were right at the apex. The main
thing I was pointing out, which I alluded to yesterday on realtraders,
was the similarity between the 8-Oct to current pattern with the
mid-June to 20-July pattern. Both were questionable wedges and about the
same number of days.
I am not calling for a collapse like we saw in July (though in some ways
I think that the equity markets are more frothy now than they were
then). Just was trying to point out that stocks were overdue for a
correction and that it could be a good sized one. It might be starting
now as I write this in fact....
Steve Poser
dbtg wrote:
>
> Saw the last part of STEVE POSER's interview on CNBC. Assuming this
> is the same STEVE POSER on this group :))... could you elaborate on the
> SP wedge formation shown?
>
> -----Original Message-----
> From: Steve Walker <Steve@xxxxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Tuesday, November 10, 1998 9:14 AM
> Subject: Re: Gen: Stock Market -
>
> >Good Morning RTs -
> >
> >Yesterday was the 3rd trading day following a full moon... and the market
> moved down. This move up has run 22 trading days and its time for a
> reversal. If the close today on the cash SPX is less than 1121 will take a
> short positon with a stop of 1138 and a downside target in the range of a
> close 1020-1060 .
> >
> >Steve
> >
> >>>> Steve Walker <Steve@xxxxxxxxxxxx> 11/05 4:24 PM >>>
> >Follow up... yet another new 3-day high. My short was not triggered.
> Short
> >term oscillator is very over bot. Friday is the second day following the
> full
> >moon. Will keep waiting.
> >
> >
> >> 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.
> >>
> >> Steve
> >>
> >
> >
> >
> >
> >
> >
> >
> > !
> >
> >
> >
> >
> >
> >
>
> !
> >
> !
> >
> >
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