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Weekly chart of SPX attached.
Earl
<BLOCKQUOTE dir=ltr
>
----- Original Message -----
<DIV
>From:
EarlA
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Friday, March 05, 2004 6:11
AM
Subject: Re: [RT] sp500/nasdaq top
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
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Attachment:
Spxweekly.gif
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