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Back to the red line, odds are that the rally is now kaput and looking for
1250 as initial target on 30 minute which will turn the daily negative. This
is the kind of low-risk trade I really like. Note the heavy red line rising
across the chart - this is the daily regression channel and having closed
below it signals the daily up trend has weakened. Put a short on at
resistance about 40 minutes before Friday close and elected to close it out
on closer rather than carry. Re-established short position this morning.
Earl
----- Original Message -----
From: "EAdamy" <eadamy@xxxxxxxxxx>
To: "Realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, June 08, 2001 1:23 PM
Subject: [RT] Sp30.gif
> If price fails short of the green line and comes back to the red line just
> above this morning's lows, the rally is probably kaput. Price action had
> been bullish into the close and I thought we'd see a new high but the worm
> kinda turned with another gap open this morning.
>
> Earl
>
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Description: "Sp30.gif"
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