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 (5213)	11/9/2000 12:25:48 PM
From: J.T.	Read Replies (3) of 19219

...<For me the key levels are SPX must hold SPX 1,390 close right underneath that 25 day MA; combined with SOX 640, IIX 395 and NDX 2,980 close. One close below all 4 levels, and it is lights out. I will go short before the close that day 50% in NDX Arktos and 50% SPX URSA and re-evaluate all long positions. I have for the most part avoided the serious blow-ups in my longs (check profile) but I will cut bait and maintain what gains I have and limit losses>.... So far we have held SPX 1,390 with an intraday low of SPX 1,391.93. We are now at SPX 1,395 and change and just drifting in animated suspension until this vote concludes tonight and political parties define their post-election result strategies. If Gore overtakes Bush today in the final count that would be the worst of all worlds for financial markets as we then have to wait another 10 days or so and the market will not be able to withstand the weight of "atlas shrugged uncertainty" on its shoulders. In my opinion, it will be the equivalent of screaming fire in a theater where only the lucky get out alive. Defined supports would get taken out in this scenario and new leaders will begin to emerge after the lower bottom gets registered. The market just wants closure on this and if Bush is ahead at the end of the day final vote Gore should concede. Whether this happens is another matter. Other indices are closing in on key supports and SOX has hit an intraday low below my SOX 640 - now at SOX 661 right on this 662. I am still maintaining optimistic viewpoint that we rally into thanksgiving but this could change on a dime. Market is always correct and final arbiter Best Regards, J.T.

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