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Hi Jim. I am still bullish, but not convinced we are okay quite yet. In
S&P looking at 1385/1375 range based on 38% retrace of recent rally,
plus some folks are gonna pick up the paper and here Abby raised cash
and sell their funds tomorrow.
---
Steven W. Poser, President
Poser Global Market Strategies Inc.
url: http://www.poserglobal.com
email: swp@xxxxxxxxxxxxxxx
Tel: 201-995-0845
Fax: 201-995-0846
----- Original Message -----
From: <Jpilleafe@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 28, 2000 6:39 PM
Subject: [RT] S&P500 Near Term
> I went long the S&P500 at the close for reasons:
>
> 1. Tues 03-28 is in a 13 mkt day series count: Fri. 02-18 1346.07
low,
> ..Thurs 03-09 1401.69 high, Tues. 03-28 (long term Fibo/Gann date),
> .next is 04-14 (Shows as pivot from 3 methods),..then 05-04 (New Moon,
> and also hits from 2 different methods). The risk is that this is a
turn
> down from a high,..but I think not,..suspect we are setting up to
rally
> into 04-03 next short term pivot timeframe. Just my personal thought.
>
> 2. CBOE daily Index P/C ratio yesterday was almost 2.0,...
> Today was okay,....but not great.
>
> 3. Europe managed to hold gains despite our weakness in the US
> this morning...this is a switch from recent days,...and bodes well
near term.
> Importantly,..the June Nikkei futures are flat with cash,..this
despite a 110
> point drop in NASADAQ that they have not seen yet. Normally such tech
> stock weakness would be a real negative for Nikkei. Suggests to me
that
> Japan should hold to go higher,..and if Europe steady,..the S&P500
futures
> should be bid up in the overnight.
>
> 5. Oil down $.50 or so is constructive for equities,..as is a 30yr.
Bond
> yield
> of 5.98%.
>
> 6. Lastly,..we are due for seasonal strength last 3 days of
month,..and
> first
> two of next month,..pre IRA inflows till 04-15,...and record recent
equity
> fund inflows
> all bode well for near term liquidity wise. So I am went long the
S&P500 at
> the close. Any thoughts?....Have a good evening. JIM P.
Jpilleafe@xxxxxxx
>
>
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