MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Killswitch who wrote (12019)	5/3/2002 11:07:02 AM
From: J.T.	of 19219

Interesting BKX is still at BKX 884...but the other shoe could drop.. This type of market sell I would've thought BKX would be assaulting BKX 871 but no dice as of yet. Below 871, BKX 858 take-out would fall like a stone to BKX 835-840 and before reversal. If BKX 871 can not get taken out, the SPX damage will be limited. No doubt SOX and BTK continue to fail miserably... Ah yes...Friday, a potential day to send the Bulls packing on a long weekend. Maybe the market will do some final type capitulation puking into Monday/Tues am and create newfound fear and carnage before market reverses for a sustainable counter-trend rally beyond one day. Whatever the market decides, I don't want to see any meaningful reversal off the lows today. Would like to see more pessimism built into Rydex TA leveraged funds and II Bull below 49% and Bear above 32%. CBOE Index Put options have finally kicked in now above calls and this number along with the E/I P/C Ratio should move higher as the day progresses if the market stays down and shows no sign of hope. Will spend the rest of the day doing prep work for the derby. Best Regards, J.T.

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