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Hi Steve,
Right now it depends on tomorrow's employment report. A very mild report
will move the market up, otherwise it is likely down. Next week: additional
reports and then the FOMC meeting on Aug 24th.
The kids playing the Internet stocks have learned the meaning of
"correction". I suspect they may soon learn the meaning of "dead cat
bounce" after today.
Comments anyone?
Good luck and good trading,
Ray Raffurty
----- Original Message -----
From: Steve Walker <Steve@xxxxxxxxxxxx>
To: <Steve@xxxxxxxxxxxx>; <realtraders@xxxxxxxxxxxx>
Sent: Thursday, August 05, 1999 4:00 PM
Subject: Re: GEN: Near a turning point?
> Well the question for today has been answered. The IIX, NDX, OEX all
bounced off support.
>
> The bounce was not enough to make my short term indicators trip. Even if
they had, I would not likely go Long with the weekly indicators so weak.
>
> Will there be any follow thru? Comments?
>
> Steve
>
> >>> Steve Walker <Steve@xxxxxxxxxxxx> 08/05 5:23 AM >>>
> Is buying going to come back into the market soon?
>
> I analyze three indexes in multiple time frames to guide my trade entrance
and exits. Those indexes are the IIX, NDX, OEX. My theory is that the IIX
and NDX lead the broader market. The OEX is pretty much in lockstep with
the SPX and I often trade options on this index (mostly I trade stocks). As
for time frames, I focus on hourly, daily and weekly data. For a Long
entry, I look for the hourly indicators to be UP, the daily indicators DOWN,
and the weekly indicators UP. My indicators are simple, a mixture of moving
averages and oscillators.
>
> Right now my indicators are: DOWN, DOWN, DOWN and have been since the
close of 7/29/99. However,by my calculation, we are at support levels as of
Wedneday's close . Also, Friday is a Gann Square Date. So, looks to me as
if we are at a juncture here. Will be interesting.
>
> Steve
>
>
>
>
>
!
> !
>
>
>
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