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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Michael Watkins who wrote (40432)	2/6/2000 2:31:00 PM
From: Jerry Olson	Read Replies (1) of 44573

Hi Mike well, i had one wild ride on Fri...entered an option trade on MNMD, the stock went from 77, to 72, back up to 77, and closed at 75/76 area...whew!!! it was like HUH???<VBG>... and it all took no more than 10-15 minutes... anyway i took a P&F look at all the indexs..SPX-SPHO-NDX-NASD(COMPX)-OEX etc.. this is do or die week...we are at test of tops in most of these...however i feel a pullback is coming here quickly..we have cycle highs from 2 other sources for Mon-Tues then down from there... i'm looking for a retrace down from the fast move up, to correct the rapid rise...the NDX is ballistic...it's on a major high pole..this baby is coming down... and the others are near resistance...SPX at 1455, SPOO at 1464 the bearish resistance line.. now when i look at a longer time frame..1470 is serious resistance on the SPX a triple top on the 15 box chart... same for the COMPX and OEX and all the others... a retrace is in the cards, just not sure from what level... and i too watch the VIX, when it went over 30+++ I said it right here the rally was coming, and it did with force..we also at that time bounced off the Bullish Support line of the SPX too... now we have the reverse divergence......VIX lower, indexs at or near resistance... so we at P&F, just follow the trend as best we can..we never predict<G>..course i always do.... good luck, this week should be a doozie...and it's the week before op exp... later....

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