Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.41

+0.5%

Feb 2 4:00 PM EST

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To: Johnny Canuck who wrote (41176)	5/10/2004 2:51:15 AM
From: Johnny Canuck	Read Replies (1) of 70388

It would be constructive if the COMPX tested the March low around 1890 annd bounced strongly. Once the bounce is complete, the COMPX has to cross 1978 before traders will do anymore tale short term positions or day trade. Till the COMPX cross 1978, the COMPX is trapped in a range between 1890 to 1978. I am away on business most of the week. I suggest most people day trade this week and respect your stop losses. I suspect many have already been stopped out of positions this week due to the lack of a significant, sustained bounce. The absence of significant economic news for a few weeks and the fact that most of the important earnings reports are out should allow us to see the real mood of traders. Keep in mind around Wednesday, most option traders will start to close their positions as option expiration is next week. Look for some pretty strange most to start happening on individual stocks. I don't believe we have triple witching this month, so their should be more stability in the indices provide we don't get any significant economic news.

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