Clappy-re
Hi Clappy,
How are you?
Nope, still away.
Peeked quickly and replied to a question from one of our friends. He's working on another degree, therefore lent him some help.
Markets:
Well, what do you see?
Please try to get an overall feel via reading proven authors and observing seasonality, inverse indicators (like VIX, put/call ratio...) and index charts. Greed and fear often exaggerate volatility.
Scope, then analyze individual charts and execute accordingly near extreme points. When in doubt, listen to your instincts.
Take care, my friend.
di
-----------------------------------------------------
stockcharts.com[L,A]DACLYYMY[DC][PD20,2!B30!B50!B200][VC60][ILE12,26,9!LH14,3,3!LK14!LL14!LM12]
stockcharts.com
optionstrategist.com
astrikos.com
...............................
Cherney on the Markets, S&P:
personalwealth.com
>>>Wednesday July 26, 2000 (4:52 pm ET)
Momentum is Deteriorating
NEW YORK, Jul. 26 (Standard & Poor's) - The equity indexes are in short-term oversold positions but there has been a shift in accumulation/distribution measures which raises real questions as to the sustainability of any move to the upside (this applies to both the NASDAQ and the S&P 500).
There is no definitive call apparent from the indicators I use, but the scales appear tilted toward lower prices. A brief (3-5 day) and unsustainable advance could unfold but unless there is an undeniably bullish headline associated with the advance, it will probably only be viewed by the markets as an opportunity to sell.
The Employment Cost Index (ECI) on Thursday (7/27/00) could serve as a catalyst for prices (in either direction). The Street is expecting an increase of 1.0%.
The NASDAQ 4034 level remains the obstacle which must be overcome by the index if any advance (even a half-hearted one) is to unfold. The NASDAQ has immediate resistance in the 4006-4035 area. The next resistance (stacked) is 4034-4048, then 4064-4080.
The S&P 500 has broken lower, a test of the 1438 level seems inevitable. Immediate resistance is former support: 1470-1479.<<< |
