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

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To: Temple Williams who wrote (40551)	2/9/2000 6:49:00 PM
From: Michael Watkins	Read Replies (3) of 44573

What a difference a couple of days make. 1405 is my next target for the spoos - if the market keeps the motion up, this will be reached rather quickly. We have a bearish engulfing on the COMPX following a gap, which in the past has resulted in a swing top being defined; we have the INDU sitting right at key supports; we have the NDX with a bearish engulfing. Seems to me the best that can be expected is sideways or a small range day; followed by a sell off of equal if not greated proportions on Friday. I'd imagine the techs will suffer more as managers move capital into other areas, so the diabolical game scenario maps out like this: - techs continue to sell off over the next couple of days - the DOW or NYSE/SPX finds some meager reasons to rally due to repositioning in unloved names. Unclear if this will counter act tech, perhaps net sideways. - The INDU having been "saved" from breaking the lows will be proclaimed "safe" - Rotation ends, selling across the board begins anew, or perhaps is triggered by tech selling. Panic ensues. Or not. Whatever, we shall play it by ear.

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