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Commentary for 1/12/2000:
S&P-It opened within Level 1 and would have bought at 1446.5 but stopped at
1440.6.Things usually get better.
Nasdaq-It opened within Level 1 and would have bought at 3515 stayed in
trade to close at 3503.
S&P
Level 3 R 1459.5..........S 1424.5
Level 2 R 1451.6..........S 1432.4
Level 1 R 1446.8..........S 1437.2 Ideal opening range 1437.2 to 1451.6.No
standard trade if opening is not within Level 1.
Nasdaq
Level 3 R 3639............S 3363
Level 2 R 3577............S 3429
Level 1 R 3540............S 3466 Ideal opening range 3466 to 3577 and ditto
re. Level 1
Panic Comments-There is no reason for me to believe there will be any
greater panic than 1987.I think there will be enough smart money to hang on
that as in that period a recovery will occur.It was the undercapitalized or
over leveraged who went under.And that will happen again.
Graham and Dodd still live on in fundamental analysis and there are still
buys out there if you look.The "new math" based upon price X revenue and
revenue growth has some credence to me if evaluated on cash flow and market
share and ultimate profitability.In the final analysis he who has the best
cash flow still wins.
Far Out Option Trade Made Today
Based upon fundamentals April Live Cattle sold a 66 put at 22.Now I will
probably hear that Ben bought that one too.Well when your hot your hot.Just
kidding.
Sincerely,
John
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