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I'm not at all keen on this market action, certainly not bullish. Not only
did price break through the 985 area but the decline has extended into
Wednesday. Market is trading very heavy.
Earl
----- Original Message -----
From: "EarlA" <earl.a@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, January 17, 2003 10:43 AM
Subject: Re: [RT] Market
> Answer in attached chart. Initial confirmation of this move will be taking
> out the 935 high in the SPX. A move much below the 895 area would call
this
> route into question as would continued decline beyond Tuesday.
>
> Earl
>
> ----- Original Message -----
> From: "Kent Rollins" <kentr@xxxxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Friday, January 17, 2003 10:34 AM
> Subject: Re: [RT] Market
>
>
> > >If 954 is taken out, I believe it will be Katy bar the door
> > >for a very fast move.
> >
> > You mean a fast move to 954, or a fast move past 954? If past 954,
where
> do
> > you think it will go?
> >
> > Kent
> >
> >
> > ----- Original Message -----
> > From: "EarlA" <earl.a@xxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Friday, January 17, 2003 7:44 AM
> > Subject: Re: [RT] Market
> >
> >
> > I am seeing cup and handle formations in nearly all of the major equity
> > indexes. Then NASDAQ has already completed a higher high and this move
up
> > has been nicely confirmed by all 3 NASDAQ breadth models: issues,
> high/low,
> > and volume. The OEX actually managed to break out above the weekly bear
> > market trendline before pulling back. The NYSE has been the weak link in
> the
> > rally with non-confirming On Balance Volume and modest divergences in
the
> > breadth models. Recently, the market has been handling bad news quite
> well.
> > Finally, all indexes were overbought on momentum indicators. External
> > indicators have been a bit positive: SP COT commercials substantially
> > lightened short positions last week (this week's should prove
> illuminating),
> > put/call remains constructive, and VIX has been moving back up.
> >
> > Had the markets attempted to breakout from recent levels, I would have
> been
> > aggressively shorting the breakout. I view this decline as constructive
as
> > long as it does not get out of hand. My current view is that the market
> will
> > move down into the Friday/Tuesday date confluence (closed Monday), then
> > rally strongly into mid-February. This is an inversion to what I had
> > expected, however one must follow the market's lead. I will be looking
for
> > good support and long entries in the SPX 900 range. If all falls into
> place,
> > it may be an unexpected piece of good news which tilts the market into a
> > strong rally. If 954 is taken out, I believe it will be Katy bar the
door
> > for a very fast move.
> >
> > Earl
> >
> > ----- Original Message -----
> > From: "ira" <mr.ira@xxxxxxxxxxxxx>
> > To: "REAL TRADERS" <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Thursday, January 16, 2003 9:09 PM
> > Subject: [RT] Market
> >
> >
> > Looking at many of the charts, I don't know if I would want to be short
> > going into tomorrow.
> >
> >
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> >
> >
> >
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> >
> >
> >
> >
> >
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> >
> >
> >
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> >
> >
> >
>
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