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Pivot low at 1162.20 was tagged so now in bounce mode ... question of the
day is how high does it bounce. Key symmetry resistance level per chart I
posted is left pivot at 1173 ... rally above this level breaks downside
symmetry which has been a common occurrence in this chop so we could easily
retrace 50-62% of Monday's decline for 15+ handles.
Still, nothing has really changed unless you consider Gateway's expectation
of a profit by excluding taxes and a half-billion restructuring charge
bullish. What is amazing to me is that for years we have seen company after
company (not just tech either .. IBM, T, etc.) announce multiple
extraordinary charges which wipe out all of the previously reported
"profits" and investors consider this bullish.
As for the GDP revision, it was revised down by 70%+ and there is another
revision to come so it's no big deal that a recession has not yet been
declared official.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, August 28, 2001 4:11 PM
Subject: Re: [RT] s&p
> If you read symmetry (39 minute chart I posted earlier), the roadmap looks
> pretty clear ... tag the left pivot low at 1162.20 and then bounce. The
> interesting thing was how the market so studiously avoided dropping those
> last few ticks. The mystery now is in how the plot unfolds or, if the
market
> chooses to change symmetry by not tagging the finish line or dropping
> through it like a rock, then how that will unfold.
>
> Earl
>
> ----- Original Message -----
> From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Tuesday, August 28, 2001 3:10 PM
> Subject: Re: [RT] s&p
>
>
> > in hindsight his symmetrical levels
> > played well. double distribution was the winning guess, but it was
> decidedly
> > UN-symmetrical. where is value zone tonight?
>
>
>
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>
>
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