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It's been a while since I've made a contribution on this forum . . . but
the subject heading piqued my interest, especially in light of the
signals that I have fired for tomorrow's trading in June Nasdaq 100
futures.
The full commentary can be found in today's issue (
http://www.PatternTrapper.com/4054925B.shtml ). The critical Pattern
Signal fired is the 90-10 Low Continuation & Reversal, which forecasts
further downside in early morning trade and then a potential bottom,
marking a short term turning point. Likely levels for the turn exist at
the Normal Low Range Projection level of 4361.00 and the Extended Low
Range Projection level of 4279.00 (both are determined by Fib-based
projection techniques).
Those more accustomed to stock trading can make can make a similar play
in QQQ, the Nasdaq-100 Index Tracking Stock, where the same Pattern
Signal combination has fired (
http://www.PatternTrapper.com/4054925C.shtml )
As it happens, the 90-10 Low Continuation & Reversal signal fired for
yesterday's trading in the June Russell 2000 contract (
http://www.PatternTrapper.com/5871719B.shtml ) The market continued
lower as forecast. Although a bit premature to claim yesterday's trading
as a short term swing pivot low, trading did find support at 543.00,
just slightly above the 542.38 level forecast by the Extended Low Range
Projection.
Bob Hunt
THE PATTERN TRAPPER
E-Mail: RHunt@xxxxxxxxxxxxxxxxxx
Web Site: http://www.PatternTrapper.com
Phone: 612-892-5550
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> Steve Karnish wrote:
>
> List,
>
> It's been two weeks since I've seen a "cluster" of quality Nasdaq-100
> stocks scream to be bought. I'm recommending four "five star" buys
> tomorrow: BVSN, ITWO, QLGC, & SDLI. The only cautionary word is
> that: I've been short the June Nasdaq from 3/27/99 @ 4788 and I need
> another down day to trigger a buy signal for the futures contract.
> Two weeks ago, the six "five star" buy signals were supported by a
> Nasdaq futures buy signal. Nasdaq-100 signals are generated by a
> momentum oscillator and the "star rating" is a measure of trend
> strength...determined by an series of weighted linear regessions. All
> can be viewed, for your investment in time, at my site.
>
> Steve Karnish
> Cedar Creek Trading
> http://www.cedarcreektrading.com
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