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Strategies & Market Trends : News Links and Chart Links
SPXL 224.48+0.4%Dec 5 4:00 PM EST
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To: Les H who wrote (8164)7/18/2003 8:19:20 PM
From: Les H  Read Replies (2) of 29601
 
From: Larry Tomlinson
To: humble1
Posted: July 12, 2003 at 09:21
Subject: Re: Timing is Everything

Greetings Dan,

I am also focused on that 965 zone. This week It may even be "tested". However the trap may need many more Billions of shares distributed before it springs shut. We may get another run at our year 2003 projected high of 1028 before that occurs. I must CAUTION everyone, last weeks close was the highest Friday close since the bear market rally began 3-12-03. That highest close came at the minus 8th week for the four year cycle turn two high due 9-5-03 +/- 8 weeks making that high a "POTENTIALY" SIGNIFICANT HIGH. I closed out all longs in IRA/401K this week as risk is now increasing to levels that are just higher than an old man can stand. Watch 988, below that level we should test 965 areas, what happens at that test will be critical, fails we hit 915-900 quickly. Odds are that is as low as we go this year. Supports it can go to 1025 +/- 3 pts easily.

From the bearish side if you will look at a weekly chart and draw the neckline from the weekly low of 10-09-98 to 9-21-01 you will see price has just "PEEKED" above that trend line. This week if price were to quickly drop below it and close below it risk is extremely high the four year cycle turn two occurred early at the close of 7-11-03. That would open the door to a new low below the 10-10-02 low. I doubt that will happen, odds are that low holds until after fall of 2005. That is how I see it, that 965 area is so critical to which direction we go from here. Commercials in the big SP are betting it goes down from the 990-1010 zone as they have been shorting this zone big time.

Best of luck to all,

Larry

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