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Hi Ira,
Intersting. FWIW, I tend to agree with you for one simple reason...people
tend to have less impassioned opinions when they can stand aside and
watch the market play out. And your opinions are cooooool.
Just another reason why politicians should probably place all their
assets in blind fiduciary trusts and be able to serve only 2 terms...no
desire to start a poltical thread, but some of these guys in office are
impediments to progess with special interest ties.
Sallie
> So far so good. Ben you are a couple of days early for a real short I
beli> eve. We are at that 10,725 resistance area and a retracement of
sorts
shou> ld occur.
>
> Once again one mans opinion, Ira.
> ----- Original Message -----
> From: mr.ira
> To: realtraders@xxxxxxxxxxxxxxx
> Sent: Sunday, June 19, 2005 11:22 AM
> Subject: Re: [RT] market outlook
>
>
> Congratulations on a great set of charts. The interesting thing is
that
> different people look at the same chart and see different things.
Using
t> he daily chart only it would take a drop of over 250 points in the Dow
to
s> tart a retracement with a magnitude of over 1000 points. That leaves a
hug> e stop. For it to even begin 10,400 would have to be taken out and
there
w> ould be support at 10,000, that would make for part of the move, 600
point> s +/-.
>
> ON the up side I have a very high price target of just over 13,000,
with
> shorter term targets at 11,025 and 11,280.
>
> There are resistance levels at 10,650, 10,725 and 10,960. These
resistan> ce levels are interim price objectives and retracements should
occur from
t> hese levels. It is the magnitude of the retracement that will make the
dif> ference as to whether price continues up or goes down to test
previous
leve> ls as support.
>
> Like your work Ben.
>
> Just a little different input using different data. Ira.
> ----- Original Message -----
> From: Ben
> To: realtraders@xxxxxxxxxxxxxxx ; ntt-list@xxxxxxxxxxxxxxx ;
e-mini_tra> ders_anon@xxxxxxxxxxxxxxx
> Sent: Sunday, June 19, 2005 10:31 AM
> Subject: [RT] market outlook
>
>
> The Dow Industrial Average has broken out of the intermediate
consolida> tion pattern, closing above resistance at [3], then drawing
into a narrow
r> ange at [4], before further gains at [5]. Volumes were light until
Friday
[> 5] which experienced increased selling (signaled by the weak close).
Expect> a test of resistance at 10900/11000. A pull-back that respects
10550
would> add confirmation; while a retreat below 10550 would signal further
hesitan> cy.
>
>
>
>
>
>
> The last year has established strong support at 10000/9750. There is
al> so strong resistance at 11000/11500, shown by price action from 1999
to
200> 1 and by recent highs in 2005. I expect to see a lot more price
action
betw> een these levels before there is a clear breakout.
>
> Twiggs Money Flow (21-day) signals accumulation, with a strong rise
abo> ve the zero line. If the indicator rises above the recent high,
without
cro> ssing below zero, that would be a further bull signal.
>
>
>
>
>
>
>
> Transport indicators have failed to follow through on recent bear
signa> ls. Watch for a rally that could take out the recent highs: Fedex
above
90.> 00 and UPS, similarly, above its May high.
>
>
>
>
>
>
> The Nasdaq Composite is testing resistance at 2100. A close above
this
> level (the high of the January to March consolidation) would signal
resumpt> ion of the primary up-trend. Friday showed increased resistance
with
strong> volume and a red candle (weak close); so a fall below 2050
should not be
d> iscounted, signaling a test of support at 1900.
>
> The market appears to have more confidence in the (Dow)
heavyweights.
>
>
>
>
>
>
> The S&P 500 shows even greater confidence than the Dow and is close
to
> testing resistance at the March high of 1225. A close above 1225 would
sign> al resumption of the primary up-trend.
>
>
>
>
>
>
>
> Twiggs Money Flow (21-day) displays a strong bull signal: a pull-
back
t> hat held above the zero line. A rise to a new 6-month high would
confirm.
>
>
>
>
>
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