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SPX is very close to long standing target range of 1060-1073 which
includes: 50% retracement to ATH, 200% expansion of Oct02-Mar03 swing, and
Dec01-Mar02 triple top.
I closed out long emini position just ahead of Thursday's close leaving in
place a SPX put established on Wednesday. I also have orders working to add
to put position on any rally from monthly Employment Lie. During the past
couple of weeks I've closed out all trading positions in stocks and now hold
significant cash position. I still like energy stocks and hold core positions to
which I will add during any correction in equities.
There should be good support in the 1015+- area which includes the 38%
retracement to the Mar03 low and the Jun-Jul03 highs. If this area holds, then
another run to higher highs (1250+-) could be in the cards. On a fundamental
basis, the market is richly priced and risks are strongly to the downside should
the public lose its taste for speculation.
Earl
<BLOCKQUOTE
>
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>From:
<A title=profitok@xxxxxxxxxxxxx
href="">profitok
To: <A title=astrofin@xxxxxxxxxxxxxxx
href="">astrofin@xxxxxxxxxxxxxxx ; <A
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href="">realtraders@xxxxxxxxxxxxxxx
Cc: <A title=yacov@xxxxxxxxxxxx
href="">Yacov Twena ; <A
title=bigschmo@xxxxxxxxxxxx href="">vincent ;
<A title=u.Stuart-Auslander@xxxxxxx
href="">U. Stuart-Auslander@xxxx Net
(E-mail) ; Slawek
(E-mail) ; Ronald
McEwan ; Ron
Miller (E-mail) ; <A title=panda2222@xxxxxxxxxxxxx
href="">panda2222@xxxxxxxxxxxxx ; <A
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href="">ntt-list@xxxxxxxxxxxxxxx ; <A
title=cnedgo@xxxxxxxx href="">Ned Markson (E-mail) ;
Mike Burk ; <A
title=ketayun@xxxxxxxxxxxxx href="">Kate
(E-mail) ; <A title=Jseaton357@xxxxxxx
href="">Jseaton357@xxxxxxx ; <A
title=Gocycles@xxxxxxx href="">Gocycles@xxxxxxx ;
<A title=urania@xxxxxxxxxxxxxxxx
href="">Elizabeth (E-mail) ; <A
title=dcarter888@xxxxxxxxxxxxx
href="">doroty.h ; <A
title=dperrino@xxxxxxxxxxxxx href="">Dom
Perrino ; <A title=dan.danc@xxxxxxxxxxxxx
href="">Dan C (E-mail) ; <A
title=cyclesman@xxxxxxxxxx href="">Cyclesman
(E-mail)
Sent: Thursday, March 04, 2004 9:43
PM
Subject: [RT] sp500/nasdaq top
Most likely 3/5/04 should be a top
for a while
get out of longs and if you have long term
gains consider writing calls
most likely next is 1050 on sp
if I am wrong, the max upside is only 10-15 sp
points
best regards
Ben
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