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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 668.73

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Nov 24 4:00 PM EST

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To: Johnny Canuck who wrote (25554)	3/12/2000 10:52:00 AM
From: Logain Ablar	Read Replies (3) of 68276

Hi Harry: On PnF indicators which are as of last wednesday and they are updated weekly. 1) NYSEBP @ 33.5 which is up 2 for the week @ 33.5. Its in a column of O's supply in control and the pattern is setting up as a double bottom sell signal if it prints 30. This is the long term indicator advising caution. 2) BPOPTI @ 44.7 up .4. In a column of X's. A short term indicator. Shows the OTC stocks are doing better than the NYSE. 3) Percent of 10 @ 33 down 2.75 for the week and 34 was a double bottom break sell signal. Short term indicator. 4) NYSE HILO @ 30.7 up 1.5 for the week. In a column of X's. 5) DJBB Dow 20 Bond Average @ 95.7 just gave a sell signal this week (meaning higher rates) after turning up and giving a low pole buy signal in February. Except for the February move this has been on a sell signal since last February. The good news is the indicators are at low levels. The bad news is the levels can go lower. The dow support is around 9400 BUT in looking at a few charts (not all 30): IBM appears to be forming a bearish triangle. Any bad news and were down to 90. GE looks to be consolidating (neutral). KO still looks ugly and printing $44 would be another double bottom break. G - the only good news is it looks oversold for a bounce. Didn't look @ INTC, MSFT or HWP. The drugs fundamently still have problems although they saw some buying last week. Overall its time to be very cautious with the odds not in longs favor. The IBM chart actually looks good for a short, especially if it breaks $100. Tim

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