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I concur. w.2 was 7 days as was w.3. This suggests that the w.4
correction will not be completed before 04Apr at the earliest. Since w.2
was a simple ABC, w.4 is likely to be a complex requiring more time. In
price, 1490 would be a reasonable retracement and 1468 would be a
maximum - anything deeper and the ability of w.5 to make a new high
would be called into question. My NYSE model remains in good shape.
Earl
----- Original Message -----
From: "swp" <swp@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxxxxxxxxxxxxx@realtraders.com>
Sent: Tuesday, March 28, 2000 6:17 PM
Subject: [RT] Re: S&P500 Near Term
> 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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