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<font size=3>Realtraders,<br>
<br>
I guess I am still in agreement with Earl. From my
perspective, the March S&P (currently trading at 140230, 11:44am et)
is running into 38% Fibonacci resistance at the moment. This is
based on the 1/14 high and yesterday's low (see graph). Additional
resistance is located near Earl's mentioned 1/27/00 high. I suspect
these Fibonacci zones will hold going into tomorrow's expected Federal
Reserve announcement (approx. 2:15 pm et). However, I believe it
will be this announcement that will dictate the next advance or decline
in the market. Note, be cautious of an early whipsaw once the news
is released.<br>
<br>
Further, based on last weeks post, I was able to acquire some of
the tech and financial stocks on both Friday and Monday. However, I
still maintain a relatively large cash position and will not look to
chase any stocks at this current time until breadth indicators turn
favorable or price action turns positive. <br>
<br>
Personally, I would like to see a continued decline so as to
remove the speculated over evaluations of many of last years big gainers.
Thus give me the ability to acquire additional positions at lower
levels. However, I have to give notice that I am not trying
to prejudge what the market WILL do but I am giving my current thoughts
as to what I suspect it is capable of doing. If I am wrong and the
market does not decline, I will still try to be the first in recognizing
the markets willingness to continue to move higher and will selectively
jump on board, only to reserve judgement for another day.<br>
<br>
Just some thoughts,<br>
John Boggio<br>
<br>
At 06:43 AM 2/1/2000 -0700, Earl Adamy wrote:<br>
<blockquote type=cite cite>Yesterday SP performed a bullish reversal
across the 05Jan pivot low<br>
which will be initially confirmed if the 28Jan high is exceeded. SP
must<br>
close above the 27Jan high to fully confirm the reversal. Given the<br>
worsening condition of my breadth models which strongly suggest
lower<br>
lows remain ahead, I will continue to look for short opportunities
until<br>
the models turn.<br>
<br>
Earl<br>
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