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I thought today was amazing for what did not happen - the S&P not only
managed to close up, but held most of its gains in spite of a very nasty
afternoon sell-off in the bond market. I have yet to see signs of a bottom
in bonds, the battle continues .....
Earl
----- Original Message -----
From: Earl Adamy <eadamy@xxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Tuesday, May 11, 1999 11:18 AM
Subject: MKT Bull/Bear Watch
> It looks like we are approaching the point at which either the bulls or
> bears will take over from the consolidation - see attached hourly chart of
> S&P E-Mini taken at 12:10 Chicago. We are not only approaching the 78.6%
> retracement level of the last decline from the April 27 high but also the
> time of day when daily trend reversals often take place. If the market
holds
> in a trading range into the last hour and closes above 1368 we are likely
to
> see new highs. If the market reverses into the last hour and closes down
we
> are likely to see a deeper correction.
>
> Earl
>
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