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Just thought I'd point this out in the FWIW
category. Been reading the book "The Logical Trader" by Mark Fisher,
because it has a take on the opening range breakout. Strangely, the book
doesn't mention Tobey Crabel the best I can tell. Anyway, the author not
only uses the daily opening range, but also the monthly and yearly(first two
weeks) and semiannual(Jan and July). This Friday 5/23 is identified as a
Monthly trend change date for the snp as determined from 15 years of data.
Tuesday was a trend day change for the DXY dollar index, down to up.
Thursday is a TDC for the Footsie and we know that an up move is a precursor to
an up snp. So, let's see if Thursday gives us an up dollar and an up
Footsie and Friday gives us an up snp. Next Tuesday is the TCD for the
Nasdaq. So, maybe its getting to be time for some June OEX and QQQ calls
for a hold into June 2nd.
bobr
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
none
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, May 21, 2003 7:40
PM
Subject: Re: [RT] spx daily
Hello
I am with you that there is a high
probability that we make a lower high tomorrow or Fri. and then
collapse
Ben
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
Rhonda
Guilbeaux
To: <A
title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Wednesday, May 21, 2003 7:37
PM
Subject: [RT] spx daily
Last quarter's candle waist 882.right at
the 200 dma area.
Higher support..at the 898 area.. (near the
rising 50dma)Wouldn't be surprised to see this price level
tested.. and also to hold, initially
anyway.<FONT face=Arial
size=2>if not, 867-882 looks to be a good higher support area. Breaking
above last weeks highs and more important953-955 then I am
incorrect in my assessment that last week'shigh is
"semi" important and perhaps
a slightly stronger pullback than
what
we've seen thus far coming off the
March higher low.
Tend to think any high made latter
week
will be a lower high than last weeks
high as
last weeks low was broken below.
I do
Best,
Rhonda
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