MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (529)	8/10/1999 9:28:00 PM
From: John F. Summa	Read Replies (1) of 19219

J.T. I agree about the next rally, as it is likely to be the best time to unload or hedge longs, and get ready to get short when the market starts screaming south on a failed rally. I trade OEX options over 1-3 day periods so I look for each twist and turn, but certainly somewhere near the top of this next rally would be a good place to setup a put backspread or short some of the "generals" as they begin to "crack." But I would not be surprised to see more investors pile-in, in spite of what we already know, since afterall this is still a bubble and a mania, and many may still be living in a fantasy of eternally higher prices (i.e., the public investor). By the way, I think I forgot to point out that the NYSE daily cumulative advance-decline line broke to new lows last week (broke April's low) and is still dropping as of today's close. Quite ominous, as is the near total collapse of the Nasdaq cumulative advance-decline line over the past two years. Take a look at that line: the troops have deserted and left the "generals" to face the enemy alone. They don't stand a chance. John Summa OptionsNerd.com

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