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FleckenBear stated (I think Wednesday) that the Commitment of Traders shows
institutions are short 41,000+ SPooz. If a short covering rally is tripped
on these guys, will it make for anything significant or can the market
absorb something like this without a substantive rally?
Kent
-----Original Message-----
From: Proffittak@xxxxxxx <Proffittak@xxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
Date: Saturday, July 08, 2000 9:03 AM
Subject: [RT] Near Term Market Outlook,...07-07 Energy Point ?
In a message dated 7/7/00 7:17:03 PM Eastern Daylight Time,
Jpilleafe@xxxxxxx
writes:
<< Hello to everyone,...
I am concerned the 07-07 Energy Point will come in as a high,
..not convinced that today was a breakout,...suspect it might be
a "fakeout breakout". Noting that 07-07 is 13 mkt days from
06-19 high (was 13 mkt days from 05-31 Key Low). And that
07-07 is 90 cal days from 04-11 going back in time,..the 90 cal days
count marked several key time frames. So perhaps 07-07 is a very
logical place for a turn of intermediate to longer term importance,..and
no one seems to be looking for the downside here. CNBC guests,..etc.
all near term bullish,...noting seasonal strength in first half of
July,..etc.
Any thoughts or comments appreciated. Have a good weekend.
Regards, JIM Pilliod
>>
Hello
My work suggests that IF we are up Monday we will be EXTREMELY
overbought
But i really doubt we will be up Monday
I also doubt we will be up for the week
This IS a good place to initiate a position trade for SHORT
confirmation will be if volume TOTAL Monday> 972 million
We should top out intra day when SP is up only 6 points!!
happy shorting
Ben
trading involves risk
this is NOT a trading recommendation just my outlook
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