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I would not be fixated on a crash!!! The weekly trends are up>up>up.
NASDAQ is way overbought but it has yet to put in much of a correction
of its recent run much less its long term trend - not that I would touch
it yet. NYSE breadth has improved significantly and the daily McClellan
Oscillator surpassed its 31Dec high on Friday and the Hi/Lo and a/d
volume oscillators are very close to doing the same thing. The NYSE
weekly McClellan Oscillator has just exceeded the 05Nov pivot high
confirming intermediate breadth momentum. Forget the a/d line for the
moment - the oscillators are telling us that the breadth momentum in the
NYSE is improving. Is the market at extremes of valuations not seen this
century and very dangerous and is the market fighting a tide of rising
interest rates? You bet! But that does not mean the bull is dead,
however it could easily turn on a dime. I suspect that the S&P will
continue higher into Monday morning and pullback for a couple of days.
If the pullback takes out this week's lows then consider it a warning.
If the pullback holds to 38% +- of the late week rally, we will likely
see new highs very soon. Ditto for the Ru2000.
Earl
----- Original Message -----
From: "Rory Lewellen" <rl2946@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, January 07, 2000 7:55 PM
Subject: [RT] Re: RE: MKT: Market crash high possibility - reminder
> Ben, and RT,
>
> Curious whether any opinions on the divergence in the cash DOW
> which set a closing high Friday and the March DOW Futures which
> failed to match. The SP500 has not confirmed the closing high
> in the DJIA, either.
>
> Rory
>
> Proffittak@xxxxxxx wrote:
> >
> > In a message dated 1/7/00 4:50:03 PM Eastern Standard Time,
> > OnWingsOfEagles@xxxxxxxxxxxxx writes:
> >
> > << What matters, though, is that this is twice in 1 year that you
chose to
> > blatantly post something to public scrutiny using methods other
reputable
> > traders do, and then whither away into hibernation only to
resurface with
> > the same claim to gloom and doom.
> > >>
> > Hello
> >
> > nice to hear from you after a week of silence
> > I am still gloom and doom
> > My conservative money which was long since 10/20-10-25 in qqq
> > was stopped out when we closed under the 50 day m/a (50%)
> > i was also on margin for seasonality from 12/28 to today
> > but completely flat now ,,
> > have not done my homework yet but we are probably OVERBOUGHT
> > and IF we do go to new hi in the ND and SP (solar eclipse
1/21/2000)
> > i WILL buy puts and short qqq
> > have a nice weekend
> > Ben
>
>
>
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