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 (2002)	12/16/1999 9:45:00 PM
From: J.T.	Read Replies (1) of 19219

BKX UPDATE: BKX 752 Devil went down to Georgia, he was looking for a soul to steal... The devil flinched. We tested both sides of critical BKX 752 level and we snapped back up at the close to finish at this BKX 753.24. BKX is following higher bond yields and I believe we are now overdue for this bounce. I will not try to force my opinion on interest rates or BKX but am looking for opportunity for potential long entry if wash-out play or immediate upside situation materializes. New resistance is this BKX 774 followed by BKX 788. I am going to look very closely at this BKX tomorrow in relation with bond yields with potential for quickie in BKX long or individual equity or its derivative play like AXP or MER. MER finished strongly at the bell. BKX 752 remains support and if we are trading below this level for most of day I will advise against any long trades. If you see some sort of hard reversal back up from these depths and cross BKX 762 and hold it aggressive accounts can trade. However I would advise most to wait until we clear 774. Critical support is this BKX 737. One close below BKX 752 with bond yields at or above 6.4% and close below UTIL 269 and I will be in cash or looking to short. As you know we are right above these dangerous levels at this time. And if this rally is going to continue, interest rate sensitive issue must at a minimum have this dead skunk bounce TOMORROW. In the meantime, enjoy the Santa Clause rally. But don't fall asleep on the sleighride. Best Regards, J.T.

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