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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: bill meehan who wrote (63190)9/21/1999 9:15:00 AM
From: Defrocked  Read Replies (3) of 86076
 
From a trading perspective, today's SPoo
opening will potentially create another
downside gap...yesterday's low of 1345
vs. a projected opening of 1342 or lower.
IMHO this area is sensitive in terms of
investor expectations since the Sep.3 unemployment
report gapped through this area on the upside.
Bonds have already given away all their gains from
that report and appear destined to go lower. Stocks
could easily retest the 200DMA for Dec.SPoos of 1333
again. Its beginning to look more and more like the
50DMA(1364) and 20DMA(1360) for SPoos are becoming
ceilings for equities. I'm generally not a technician,
but only technicals can explain this market as
fundamental support has been a myth for quite some time.
Hedge fund traders will probably act on the same technical
erosion I observe. BWDIK.
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