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SNP near term, like in yesterday and today, the futures are trading in
classical range bound fashion off of support and resistance.
BR
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, December 02, 1999 3:01 AM
Subject: [RT] S&P500 Near Term {01}
> >From Jim Pilliod,...jpilleafe@xxxxxxx dated 12-02 0600 am ECT
>
> Early morning thoughts on the very short term.....
>
> There is a good chance that we are putting in a base here,...and that
12-02
> will mark a low. Both the long term and short term Bradley Models call
for a
> Low on 12-02 and 12-03. Other projections call for a Low on 12-02,...with
> the resulting turn to last into 12-07,...New Moon date and next projected
> turning point by several different methods.
>
> The Put /Call ratio picked up nicely yesterday (it's about time...had
been
> very weak last three days)...with the index ratio coming in at 1.70 on
Wedn
> 12-01 close,...vs a "market topping level of 0.90 just the day before. I
> cannot recall a time where the Index P/C ratio was so WEAK in the face of
an
> 85 point decline in the NASDAQ. What complacency!
>
> The ratio of assets in Rydex Nova (bull bet) to Ursa (bear bet) is only
> 1.533,...which is dead neutral,...not indicative of either "over" or
"under"
> belief ar this time. Neutral.
>
> So I too am prepared for stabilization and a move upward from 12-02 into
> 12-07,...but clearly think that if this is to happen,...we will see Bonds
> start to behave. As of 5:00 am this morning,..bonds are lower,...same old
> story,....looks like we may continue range bound as volume drops off
ahead
> of the Jobs number on Friday.
>
> Also there is a huge $1.5 Trillion on the sidelines awaiting Y2K
> resolution,..can't but help to think that at some point this will be a
> "positive" for the overall market. Timing is the key. We may have to
endure
> some tax loss selling in the next week or two before the market rises and
> starts to suck in the Y2K money. Also,...money is waiting to come into
the
> market until after mutual funds have their distributions, ...typically by
mid
> December, etc. Key in my mind is if profit taking comes into the
> techs,...that would cause selling to lock in gains,..etc. Despite strong
> markets in Europe this morning,...the NASDAQ futures are flat,...likely a
> lackluster morning.
>
> Any thoughts appeciated,...have a good day.
>
> JIM Pilliod jpilleafe@xxxxxxx
>
>
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