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 (5143)	10/27/2000 8:07:42 AM
From: David Lee Smith	Read Replies (1) of 19219

J.T., I agree that cash levels are bullish, but momentum is NEUTRAL, which means that cash is idle now. Of course that could easily change with a strong Friday, my momentum indicators were almost bullish from yesterday's reversal, but it was not enough. Do you really think there's enough gas (cash) to fuel a major move or just a short rally? I think it's likely a 1350-1400 type trading range. A break above 1440 would definately change my view, as would a break below 1350. FYI I went long SPY yesterday at 134 based on a short=term move to 140. I hope you're right and November is a bullish month, but my indicators of valuation and momentum currently vote against such a move.

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