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Earl,
I agree on not being fixated on a crash. But getting to a near top, yes.
I agree with you view that the weekly and monthly charts show up trend. My
resistance numbers for the Dow are :
11,638.77, 11,738.67, if the Dow passes 11,868.77 then it will go higher.
Now , I don't read the Wall Street Journal everyday. But in Fridays paper,
they are writeing a couple of signs to watch.
Page A1 " Hey, Baby Boomers Need Their Space,OK? " People are saying," I
can be a 1920's tycoon line anybody else." Buying very big homes, with
double kitchens, etc. Counting on the stock market and promotions at work.
Walmart getting into the "e-tailing" business, most of their people can't
operate a cash registar.
Lucent, came out with a earnings warning, saying due to compitetion and
customers are not spending large amounts of money, spreading it out threwout
the year.
BMC Software , earnings warning, Rumor has it that, they were counting on a
big contract and didn't get it.
Gateway computer, blaming Intel for not delivering parts, reason for missing
estimates.
In one of W.D. Gann's books , he talks about stocks heading south, but the
market heading to new highs. Something to watch for.
TradeWell,
Joe Frabosilio
Earl Adamy wrote:
> 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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