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Bob,
I thought so also for the Dow and S&P.
Just consolidation
and no dramatic pullback
from yesterday. If not
tommorrow, then next
week if
the spx takes out yesterdays
highs I'm looking for
it to be a powerful follow through. Time
will tell.
I believe if the SOX breaks
today's lows tommorrow
or into the first of the week;
it will find Strong Support
in the 255 area. (11/98 monthly low)
Then the NDX and SOX.. kick
off good.
Rhonda
----- Original Message -----
<BLOCKQUOTE
style="PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
BobsKC
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="mailto:realtraders@xxxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxxx
Sent: Thursday, July 25, 2002 10:14
PM
Subject: RE: [RT] Prognosticators
Anomymous
hmm.. I was very happy with the market today.
Considering the bad news in the Nas tech sector again, the dow and s&p
held in very good even after a couple of strong efforts to push them off
the cliff. For me, I'll also be happy if tomorrow, we are able to
consolidate the gain of yesterday a bit further. I doubt we
have seen the lows of this bear market but I think it at least 50/50 we
have seen a short term bottom and could now enter into a trading range at
these vastly reduced levels.BobAt 09:31 PM 7/25/2002
-0500, you wrote:>I am concerned by the S&P s failure to close
today above yesterdays high. >I was expecting a brief but powerful
short term rally from the 780 level. >It started out that way
yesterday, but today s lack of follow thru is >causing me to assess a
lower target level for tomorrow which could >terminate this
move.>>A .618 retracement of the move from the 7-17 high to the
7-24 low would >yield 869.>>A .382 retracement of the
move from the 6-28 high to the 7-24 low would >yield
862.>>If the market stalls in this range tomorrow 862-869 it
could be the end to >this brief attempt at a rally. Ironically the
market has a better chance >of moving through and exceeding this range
if it fails to go that high >tomorrow, and closes in the upper third of
it s trading range. Likewise if >the market can penetrate and close
above this level then my previously >posted higher target levels are
almost certain to be
reached.>>E>>>>>>-----Original
Message----->From: Hill, Ernie
[mailto:ernie.hill@xxxxxxxxxx]>Sent: Wednesday, July 24, 2002 9:37
PM>To: 'realtraders@xxxxxxxxxxxxxxx'>Subject: RE: [RT]
Prognosticators Anomymous>>>>It appears that the
780 Fib. Level has held, and sparked the beginning of >a powerful, but
likely short lived short covering rally. The market made >it s low at
775.75 just 4.25 points below the 780 level and it was only >below the
780 level for about 8 minutes.>>>>My next targets
for the end of this brief rally are:>>>>First
target 896-902 level which corresponds to a .382 retracement of the
>move down from the 5-17 high to today s low which works out to be 902.
If >this target range is reached it will likely be done by Friday or
Monday.>>>>My next and equally as likely to occur
target is 889 if the market fails >to reach the previous targets by
Monday then this becomes the most likely >target. I would look for this
target to be hit on 7-31 or 8-1. This price >level corresponds to a 50%
retracement of the move from the 6-28 high down >to today s
low.>>>>E>>>>
-----Original Message----->From: Hill, Ernie
[mailto:ernie.hill@xxxxxxxxxx]>Sent: Tuesday, July 23, 2002 9:42
PM>To: 'realtraders@xxxxxxxxxxxxxxx'>Subject: RE: [RT]
Prognosticators Anomymous>>>>So far the market is
holding up, that is to say it is not crashing. Right >now the market
stands at the edge of the cliff right at the crossroads of >a brief but
possibly strong rally, and slipping into panic selling crash
mode.>>>>Tomorrow's key levels are 791.55 and
780.>>>>791.55 represents a 1.618 Fibonacci
extension of the move from the 5-17 >high to the 6-14 low as measured
from the 7-8 high. I have previously >posted the Fibonacci
relationships associated with the 780
level.>>>>The market could find support at either
one of these two levels which >could spark a brief two to five day
rally. If this rally does take place >it will likely be only an
interruption to the current powerful down trend. >If the 780 level
fails to hold support tomorrow there could be full scale >panic
selling.>>>>I do not think that will be the case.
First off my timing model is calling >for a short term bottom to be
made tomorrow +or - 4 trading days. Secondly >the 780 level appears to
be a very strong support level, and finally it >looks like we are
completing a short term corrective pattern on the hourly >chart that
often precedes
reversals.>>>>E>>>>>>>>******************************************************************>This
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