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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 659.00

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To: d. alexander who wrote (23807)	9/29/1999 1:40:00 AM
From: Johnny Canuck	Read Replies (3) of 68173

Dorothy, Sorry for not replying. I was in transit most of the week. I am in San Jose for the next couple of days for a conference. I am not sure I agree on the double bottom comment posted on the iSpeculator site. We need to test the 1280 area first from below to confirm the double bottom on the 30 minute chart. I am not really a good patterns person though. The current bounce is setting up for a sell signal soon on the SP500 based on my short term system. It looks like there were some interesting fireworks last week. Does anyone have a record of the trading volumes throughout the day on the indices for Thursday, Friday and today. The volume on Friday on the COMPX looks like a set up for a climax sell off ( 2 billion shares), but there is still a lot of strength in many stocks. I am more inclined to think it is fund managers positioning for the end of quarter. There is no sense in putting their profits at risk in advance of the Fed meeting. I think we range trade till the Fed meeting is over. This is a more bearish comment. optionsource.com Keep in mind that if Acampora's comments get a lot of coverage and many analysts turn bearish, we will have to test his target as part of a self fulfilling prediction before we can recover. Also remember that September is historically the worst month to be in the market and the earnings season is about to start in earnest next week. Harry

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