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For the astro tech fans,
Attached is a quick and dirty buy full moon, exit long new moon test. As
Jim says, Monday is a new moon.
BobR
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, March 06, 2000 3:21 AM
Subject: [RT] Re: mkt outlook (short term)
> In a message dated 3/5/00 7:36:39 PM Pacific Standard Time,
> Proffittak@xxxxxxx writes:
>
> << with vix at this levels and short term mkt. overbought
> i would put tomorrow Max up in SP 10
> but down min 20 if not more >>
>
> Hello Ben,...for what it's worth,..very short term I am looking for a
> Change in Trend day on Monday 03-06 New Moon,..S&P500 at
> upper channel resistance,..and short term indicators overbought.
> Index P/C ratio has been very weak with NASDAQ making higher
> highs,...players reluctant to short.
>
> Bigger picture concerns included:
>
> 1. NO FEAR. Over past years when market declines were
> marked by big drop off in % Bulish Investment Advisors (per
> Inv Intell Weekly Survey),...but not so with the current decline.
> S&P500 dropped almost 10% from it's high,...and we still had
> over 50% Bulls on Inv Intell survey,..and the % Bears remained
> low as well. Weekly CBOE P/C ratio from Barron's this week at
> 0.36,...very close to 0.34 threshold I use for longer term important
> signals. Again,..confrming everything else,..basically "overbelief".
>
> 2. The OTC-100 is in a rising wedge pattern,..suggest BEWARE...
> usually a terminal patern, typical resolution is downside break.
>
> So lack of bearishness at recent bottom suggest it was not a "final"
> low. I am now open minded to lower lows over recent weeks in S&P500,..
> especially if OTC-100 breaks down through lower wedge uptrend support.
>
> Thanks for the short term outlook post. JIM Pilliod jpilleafe@xxxxxxx
>
>
>
>
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