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Proffittak@xxxxxxx wrote:
> In a message dated 1/6/99 10:41:06 PM Eastern Standard Time,
> nwinski@xxxxxxxxxxxxxxx writes:
>
> << so a sharp move up to the SPX 1356 level into the Jan. 15 weekend would be
> the next time and price
> to consider a short term high for SPX. If it doesn't come out that way,
> then I was wrong about the current tune (ala name that tune) and so I
> wouldn't bet any money. If the pattern does develop per my
> above projection, and the option sentiment at that time is excessively
> bullish, then you can sell against 1356 and only risk about 1% of the
> underlying value i.e. about $14 for a chance to make 100 - 150 SPX dollars.
>
> Musically,
>
> Norman >>
> good morning
> adv dec is not confirmiming your prediction
> McClullen is only at +131
> volume is not confirming this move
> and new hi are only 153 compare to 350-500 in july
> short term a 50 point sp down to a nya of 587.93 then new hi@xxxxx sp
> points above yeasterday close date3/20/99or 02/07/99
> then major low with 90% probability of yearly low between 04/07/99-05/14/99
> price lower then oct 8 1998 low
Proffittakk,
Severe technical deteoriation, i.e. bad breadth, is exactly what I would
expect on this rally. So, I agree with your facts but not your conclusion that
the SPX can't get to 1356. BTW, I am not predicting that the SPX will get to 1356
by Jan. 15. I am only saying that if it does, that would setup a good portion of
the conditions I would want to sell short this market, i.e. balancing time and
price ala Gann. But I do expect the US stock market to continue in a rally phase
into the Jan. 15 weekend. In fact, my cycles analysis indicates that this could
turn into a real good short squeeze.
Regards,
Norman
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