MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (1524)	11/29/1999 12:43:00 AM
From: J.T.	Read Replies (2) of 19219

On Wednesday, MITA returned back BEARISH after DOW's Inability to get thru resistance of DOW 11,050 combined with BKX further deterioration below BKX 848 along with cousin UTIL in crash mode. Combined that with MSFT failure to take out MSFT 92 on a close. Friday was a repeat performance and shows the fatigue factor setting in. MSFT hit intraday high of 93 3/8 on Friday after a high of 92 1/4 on Wednesday only to have both days fail the 92 closing test. We closed at MSFT 91 1/8. I will now require two close above 92 so as not to get one false reading going forward. As a sidenote, I have closed out my long call position on MSFT on Weds after 92 failed to hold in the last 1/2 hour of trading for breakeven less loss of commissions. Bond yields backing up on Friday to 6.23% on strong personal income gains and closing in on this 6.25% we mentioned. It is quite apparent that Greenspan is now behind the curve and is helpless to do anything about it until Feb 1, 2000. He will not risk raising in Dec with Y2K fast approaching. Behind the curve will back up bond yields even more now between now and February and will be the catalyst for this next significant correction dead ahead. MITA mentioned this bond yield back-up to 6.25% fear combined with this UTIL homing in on UTIL 280 and BKX 2 closes below 848 which one of many reasons why we went back BEARISH. MITA 1,487: ...<Nevertheless, we need to keep watch for further deterioration and a second close below BKX 848 with UTIL closing below UTIL 280 and Bond yields backing up toward 6.25% I will not take lightly. It will mark the shortest stint ever that I have turned Bullish. I do not want to get caught in a further whipsaw like today>.... UTIL closed at another new 52 week low at UTIL 281.37. UTIL in crash mode and one close below UTIL 280 with BKX close below BKX 835 will lock in the commencement of the year-end correction. Best Regards, J.T.

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