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My comment applies to the ND only ... the S&P may have just completed a
w.2 decline (just shy of the 78% retracement) from a w.1 high on 9Feb.
Depending on the close, we could end up with an outside bullish reversal
of yesterday's inside day. A close near today's low would be quite
bearish. My NYSE model could go on a buy at the close if things hold up.
If I do get a buy, the ensuing w.3-5 may be rather choppy and subject to
failure due to what I see as increased interest rate pressures - high
grade commercial paper at all points of the yield curve remains bearish.
I will see how things go into the close - I will not bet the farm on a
buy signal here.
Earl
----- Original Message -----
From: <Proffittak@xxxxxxx>
To: <eadamy@xxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, February 15, 2000 11:01 AM
Subject: Re: [RT] Re: sp500 /nd
> In a message dated 2/15/00 12:14:51 PM Eastern Standard Time,
> eadamy@xxxxxxxxxx writes:
>
> << Early portion of declines are generally slower than the later.
Still
> looks like more downside and my NASDAQ model will go on a sell today
> assuming poor breadth into close. Not necessarily a prolonged decline
> but probably minimum 3470 on ND. Looks to me like the ND needs to
> correct the entire rally from October in order to build a base strong
> enough to support any further advances - the most recent rally was
the
> second attempt to rally from the early January lows and neither of
the
> rallies managed to attain the minimum impulse projection.
>
> Earl >>
> good afternoon
> my most trusted indicator for the 5 days is @-172 and on 10 days@xxxx
> at this oversold levels the down risk is TOO limited,,
> (not that it could not happen)
> but statistically it does not have good odds,,
> also with other technical such as macd histogram in bullish divergence
> lead me to take qweek profits
>
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