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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (19039)9/18/2000 12:41:07 AM
From: AllansAlias   of 436258
 
>>At what level would you absolutely be short the S&P cash? >>The NDX? Inquiring minds want to know!!

I will give a meta-answer. The S&P cash is sitting right on a line that has defined its rise since the insane parabolic takeoff of late 1994. We have never seen anything like this sort of run as many of us know too well. The 1994 takeoff makes the already impressive ramp from 1982 look like child's play.

Anyway, since 1994 there has been a line that the spoos have repudiated time and time again, and *very* quickly. It has dropped below this line by times, but never for long enough to create anything but shadows (i.e., lows but not closes) on the weekly chart. The bears have never been able to overcome this line of the bull.

An amazing thing has happened as we have been moving sideways, we have been bumping into this line. Understand how rare this is. The line had been tested during the 1996 downdraft, ditto 1998, but it has never folded.

After testing this uber line only twice, we have now touched/tested it 4 times as we've been bumping upward since the spoo lows of April.

A unique thing happened in the downdraft of July. We actually closed underneath said line on the weekly chart for the first time ever.

Friday we closed ~exactly on this line.

The percentage play is to buy the bounce. I think the smarter thing is to stand aside and watch for a spell. I will be golfing in the morning -- unless it rains. I suspect most people will be buying in the morning -- unless it rains. -g
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