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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 694.04+0.7%Jan 9 4:00 PM EST
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To: JRI who wrote (64516)12/17/2000 10:06:35 PM
From: Gary Burton  Read Replies (2) of 99985
 
JRI--on Fri pm after the 2596ish low in the COMP, we did 5 little subwaves up for an A and then tailed off into the close for the B--so we will likely open up on Monday and print at least as high as 2698, the top of the A Wave--closing the intrday gap at 2724ish wouldn't surprise me at all. I would be more inclined to think that the rally had legs if we went past 2800, which I doubt will happen before we take out 2596 first.....Worst thing to happen is that we rally past 2698 at the open then rollover and take out 2596 (Friday's low) before starting up again for the Fed watch---because that will mean we did 5 subwaves down from 3020 and after the relief rally into the Fed decision, we will head down hard again. ps, If you read Cramer's stuff a lot you will recognize that as traders they almost always sell into an Up open and prefer to buy into down opens. Up opens are often hooks created by overnight mkt orders (the 'dumb money' crowd in the first half hour)--Cramer's head trader Harrison is one of the best in the business and he rarely will buy an up open, unless there is startling news out before the bell.----I repeat, watch out for IBM early this week. They are due to join the MSFT et al party and the chart looks downright ugly as now being in a telegraphing mode...rumors are apparently starting to also circulate about GE having to reverse themselves.
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