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With all the talk of market overvaluation, it is funny to note we first saw the
current levels last may already. That is not exactly a stellar performance. In
fact, the market has been treading water much of the time already. That means
nothing, but it is nice sometimes to put things back in perspective.
Gwenn
ROBERT ROESKE wrote:
> 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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