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Coming right after expiration makes me think that some naked put sellers had
stock put to them that they decided not to keep and a selloff was
precipitated. Acording to Feb TASC two closes below a 50 day simple ma is
the beginning of a markdown phase. Today will clearly give us one of those
closes. Infact the INDU came close to the 200 day ma. Good old Joe
Granville used to say that bull markets don't close below the 200 day ma now
at 10864. A bounce back up to the underside of the 50 day at 11200 would be
in order. If the INDU closes at 1107.38 it will have found support at
the -3.5% 21 day band..a short term trading low.
BR
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, January 24, 2000 12:28 PM
Subject: [RT] S&P500 Short Term
> Interesting that 1400 - 1406 S&P500 cash
> support was reached so quickly. Holding though.
>
> The Index Put/Call ratio (most recent) is
> about 2 : 1,...also constructive.
>
> Three week (13 mkt day cycle) should be
> bottoming here,...look back and count 12-13
> market days and see how many pviots have been
> in those timeframes... Suspect any bounce here
> may be muted though...only last for a few days.
> But ...Short term daily indicators are oversold.
>
> So I am constructive for next 1-2 days on S&P500.
> My thoughts for what they are worth.
> Any comments or other ideas?
>
> Regards, JIM Pilliod jpilleafe@xxxxxxx
>
>
>
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