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That's great but doesn't help Bruce much nor answer his question.
I don't believe there is anything mysterious about 1174 on the S&P futures.
If you look at a longer term cash chart and go back in the middle April
timeframe you will see a little double bottom at 1167. This area also
corresponds to a larger double bottom on the NDX, and was the last higher
low put in before the last not-so-surprise rate cut. (current fair value is
around 6.5 pts).
Add to this the last range the S&P traded in 1240/1205 (cash & 35 pts) which
we just broke out of - subtract 35 from 1205 and you get 1170 which is
pretty close to the 1167 number mentioned above. Viola! Magic (insert
sarcasm here).
This is just one way to come up with the 1174 area but certainly not the
only one.
Hope this helps.
Seeking no credit,
Bobh
----- Original Message -----
From: "Norman Winski" <nwinski@xxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, July 12, 2001 12:16 PM
Subject: Re: [RT] S&P Moment of Truth
> Bruce,
>
> What about me? I posted a chart on July 7 that showed a projection of
1169
> on the cash S&P. The Cash S&P went less than $1 through my projection. You
> may want to note that the subject heading, "S&P Moment of Truth" was
started
> by me with my July 7 post.
>
> Slightedly,
>
> Norman
>
> ----- Original Message -----
> From: "Bruce Campbell" <bcampbell37211@xxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Thursday, July 12, 2001 8:27 AM
> Subject: Re: [RT] S&P Moment of Truth
>
>
> > Great call Ira! 1174 was right on the money for S&P
> > July 11. Care to let us know how you derived that
> > number or at least what method you used?
> >
> >
> > --- Ira Tunik <irat@xxxxxxxxx> wrote:
> > > Norman:
> > >
> > > I have support at 1174, which is close enough to the
> > > 1169 to be
> > > reasonable. I also have a target for this move down
> > > of 1016. I have
> > > been going over the charts of several stocks and
> > > things look bleak
> > > there. At least the ones that I have been looking
> > > at. A couple of big
> > > caps moving higher could put a halt to the index
> > > slide, but allow a lot
> > > of other stocks to slip into oblivion. As you know
> > > I am not a strong
> > > believer in Astro, but know that often it is right
> > > on the money. We
> > > shall see this time. Ira.
> > >
> >
> >
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