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Don't have a strong opinion on SP today except that I'm glad I closed
out my long some 20 points ago. My stop placement for a position trade
was just under the gap and it would have been taken out. I do suspect
that since we've taken out both the 25% retracement and the gap that
we'll move on down to the 38% retracement at 1467. Also, it would be in
character for SP to take a fast dive prior to the real rally just to
clear the stops. Models are still long and bullish but not giving any
indication of a fast breakout. Bonds don't look good enough to trade
either. No question that the springs are wound and wound tightly.
Earl
----- Original Message -----
From: "Dennis Holverstott" <dennis@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, June 12, 2000 10:47 AM
Subject: [RT] S&P
> That June 2 gap finally got filled on the futures. Came within a point
> on the cash. If these levels hold, it could set the stage for a quick
> rally on economic numbers that are "not unfavorable" to use a
Greenspeak
> double negative. :-) This market feels like a spring getting wound
> tighter and tighter. Feels like it wants to explode one way or the
> other.
>
> --
> Dennis
>
>
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