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fwiw- there has been heavy selling by paper in the march s&p's since 1435/1442. The Goldman's and Merrill's of the world are positioning themselves on the short side. I always find it useful to know what the guys who move the market are doing.
Tim Mack
Zaitzeff@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx wrote:
Thanks, Ira, yours is an opinion I respect highly. And Ben's also. It's just that I don't see it hitting 1383 tomorrow. And then with a reversal, other than a dead-cat bounce off the bottom, all intra-day seems highly unlikely. Is the 1444 also in cash or in the futures?
Currently in the cash I see minor support at 1403; next major at 1386 and if it breeches that the next stop would be about 1378.
Timewise to hit 1383, I could see 1/12, Friday, or 1/15 Monday. And I thought the first major report out this week was on Friday. But, then a large bear growl could have us scratching our fingernails on the blackboard on the way down.
For tomorrow, although a down move to 1405 is possible, I see just as likely an up to close at 1418.5 cash. But, my first guess is usually wrong. Anyway, ....
Thanks for your thoughts and your wisdom.
Larry Z.
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