Every day Idea magic continues.. but 1358 remains one more level that was identified and we saw it touched it and bounced off it.. I talked about it first on 21st July... No other thread on 21st or afterward mhighlighted this 1358 level as critical so was 10863 the DOW support and if you remeber the point where we reversed 11203-4 was my DOW double close point in recent rally. I have this bird's eye view of events.. I do it nice and learn from it, I like to go back to it.. for matter of record.. please go and test 1358, 11204 and 10863 on search Idea will be the thread where these are configured and highlighted.. to know market come to me..ggg
<<Wednesday, Jul 21 1999 12:06PM ET
Reply # of 27761
If we break supports it would be just a test of 1358 level or 10516-- for long term integrity of this market we need the self adjusting mechanisms.. these sell offs reaffirm to Fed that markets can write off huge mountain of exuberance by exercising self retraint.. >>
A query..
<<Wednesday, Jul 21 1999 12:09PM ET
Reply # of 27762
IKE,
At a break of what level would you believe a test of 1358 would be in the cards. I assume your 1358 is the SPU level, not the SPX level, but please clarify that.
Thanks.
-Scott>>
My answer and it followed the way I thought it would.. 1358 was touched and kissed so was 10860..
<<Wednesday, Jul 21 1999 12:33PM ET
Reply # of 27762
1378 is the critical support if we break 1382 we will go down five points lower but if we close today below 1382 we have all the chance that we may see that 1358 area on SPU... yes this is SPU level I rarely mention SPX.. the level of DOW supports I am looking at are 10863 and 10516 the problem is that when these supports are tested so much of market momentum gets unleashed that more often than not we see overshooting of levels on upside and downside. >>
In a surgical precision the market rebounds from my point of 1358..
quote.com
I myself get totally surprised I woudl have not noticed it so much if the question from KM would not come, but look at the minute chart see the rebound at 1358 as if Ike levels are pits talk.. but pits never plan 3 days in advance they don't even know about next minute.. I hope I can continue to read the markets with this precision and ability. The only thread mentioning this level as Idea. since this correction started.. after MSFT IBM blockbuster earnings..where i quitted MSFT IBm pre earnings for the first time, just noticng that if Yahoo can be cloberred for beating 'whispers' and INTC rewarded for failing 'whispers' it is marekt which cares for future and as such I thought they would beat the hell out of MSFT IBM.. I was right, Ericcson was treated with red carpet they were bas but future prognosis was great, so is this market.. If you want to play this marekt read the future well macro and micro.. Ike
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