I look back at morning posts....
<<I would like today to concentrate on BKX index too, a good indicator of market direction as we move forward..
finance.yahoo.com^BKX&d=3mm
The 881 area is a resistance area, we need to break this 50 days MA cap and move forward and close above 902.. lot to do before we have this move up....881 is sitting just below this resistance, so we have this DOT just below 600 and IIX just below 312 and BKX ready to tkae out 888 area to take a climb on to 902 resistance, now if we have all these moves we will get our old high on Comp otherwise below 875 on BKX and 462 on SOX or 298 on IIX we will fail at this attempt and until the next FOMC we may see good opportunities to make money due to higher volatility.. >>
We failed at BKX 883 also we failed IIX 313 and DOT 604..as we retreated we saw opportunities on the way down ///
<<I think the old high of Comp is going to be the difficult obstacle so would be the 600 on DOT and 312 on IIX, without these we don't go up... SOX is now well in over bought territory and will now retreat to 430 area if we don't go up, however until FOMC meeting we may have a kind of yo yo, the battle is still not over and it I would take my cue from SPU 1355 support ,, IIX 298 and Comp 2575...
from IQBAL LATIF on Jun 22 1999 4:33AM EST>>
I think that DOT as well as IIX 604 and 313 area were the top of the move today, much before the selling started it was DOT which started softening, I did take advantage of this small signal on the down side...
<<Breakouts are difficult to capitalise we had one in SOX but it retreated to 407 from 430 before it leapt up crazy to 472.. so for me it has to be the internets if anymore rally is to come for that I am also watching for early sign of erosions in Yahoo, CMGI, AOL, AMZN.. these stocks have good supports at 148, 99, 112 and 115.. so if we see this slipping thru and some selling in CSCO EMC and IBM I will like to step aside for a while but ofcourse I will be looking very closely at all these indexes and individual stocks... >>
WE did see erosions and if you look at Comp and IIX DOT break we do see some very early signals as highlighted in this post.. stepping aside and selling some calls as we broke 598 on DOT proved a good step.. Looking at these indexes one does get that early signal... also we tested 1352 early went up to 1363 on SPU and retreated below 1352.. we need to see a close above 1355.. otherwise we will see 1330 test on SPU before the meeting... 430 on SOX if 462 is out.... we are sititng on DOT 575 we can have this test and we see some buyers if the move to 625 is to materialise... |
