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Strategies & Market Trends : Ask DrBob
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To: Drbob512 who started this subject10/5/2001 6:57:39 AM
From: shoreco   of 100058
 
I see they got the futures cooking bright and early. Wouldn't want any potential buyers heading out to work w/out getting a glimpse of those, now would they.

FWIW, I do use the futures as a contrary indicator, BWDIK.

The 60 min charts on all 3 indices show a rollover in the making but the dailies say we could actually go up some more. Over the last two weeks the rollovers have been meet with buying at the 20ema on the 60 min bars and the MACD nearing zero on the 15 min bars. We are at those levels now on the S&P and the DOW. The COMPX and the QQQ were a little late to the party, so I see them trailing the S&P and the DOW in the rollover. ATIJMO

I could see them trying to squeeze this rally for all it's worth. I will be watching yesterdays highs as a clue to how high they want to take it. A double top maybe ??. I don't see us rallying into the close unless we breach yesterdays highs.

I will be watching the open and keeping an eye on the internals.

EOM
Shoreco

PS
I know I've been mentioning the S&P and the DOW more than the Nasdaq lately. Thats because I feel there are great trading opportunities in S&P right now. I like to trade options and my past experience shows that individual stocks are easily manipulated to trade around their open options interest. (The premium doesn't move with the stock price, therefore if a stock slowly grinds in your favor up or down you still lose out on the premium decay and you need extreme daily moves to profit). Don't get me wrong, equity options can be well rewarding, I just find that index options tend to play a little more fair....LOL....
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