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Technology Stocks : INTEL TRADER

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To: Trading Machine who wrote (6707)	9/2/1999 7:05:00 PM
From: MonsieurGonzo	Read Replies (1) of 11051

TM:" waiting for... " >...when this right shoulder finishes forming... ...I think we (you and me) may be ahead of the market, Paul. A decent right shoulder on SPY has gotta go up to 135~137; but, not past the DownTrend Line drawn between CLOSE 16-JULY and CLOSE 25-AUG. Since SPY hasn't made anything like a right-shoulder yet - that means that there is an "UpWave" short-term trading bias in effect. I don't know what TheDonald's saying right now, (whenever you refer to your guru, please describe what you think he is saying :-) but what it feels like to me is that SPY wants to UpWave, but is gettin' overwhelmed by the steepness of the drop from 25-AUG... so it's not going anywhere, really. The important thing (about SPY) is not that it's not going up but - that it's not continuing to go down. We're flat on SPY for 3 days in a row now; T+3 = a doji. So the sentiment is neutral, and since the preceeding sentiment was bearish from 25-AUG, you gotta have a mildly bullish bias, if anything, on SPY. -Steve

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