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 (3455)	6/17/2000 4:24:00 AM
From: J.T.	Read Replies (3) of 19219

Commitment of Traders (COT) Report Update: EXTREME BEARISHNESS Positions as of 6/13/2000: Large Commercial Traders - (banks, brokers and mutual funds)have upped the ante to an ever increasing RECORD SHORT POSITION 39,805 net short over long contracts. This is the smart money and they know trouble is brewing big time. -------------------------------------- With the complete breakdown of BKX Index on Thursday and Friday decisively thru critical support BKX 780 with a close of BKX 755 down 44 - A one day close below UTIL 318 seals the fate of the DOW and the dreaded DOW DIAMOND FORMATION. The DOW closed at DOW 10,449 down -265 and is showing cracks in the armor. With a break of DOW 10,200, the diamond formation in the dow portends a violent capitulation - we could be headed for DOW 9,200 minimum downside target with crash potentiality of DOW 7,850 intraday low before bouncing back up hard. Key off first close below UTIL 318 for this first sign of money heading for the exits and first close below XBD 476. A lot of things have to go wrong for this worst case scenario, but we must put the numbers out for the record. Not to scare, but forewarn. The summer rally in the DOW is approaching finality and this cancerous spillover into SPX land has the capability of reversing NDX and DOT.com land summer rally dead in its tracks. I will put up support and resistance levels late Sunday night. It was a bad dream that woke me up. Lets hope that is all it was.<g> Happy Fathers Day ... Best Regards, J.T.

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