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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: dppl who wrote (9566)	11/14/1996 10:32:00 AM
From: Gary Martin	of 69663

Thomas, Watching ZITL with respect for the power of the short squeeze!....is this what IOMG was like earlier this year? (I was inactive in the markets because of heavy travel for my erstwhile employer and missed that one.) Hitting a Fibronacci ratio number at 54 would be a tempting shorting level again...(38 didn't do me any good!) Also seeing 50 as an interim (physcological)resistance level since 9RSI is at 80 and Stochastics is at 99! In case Judy reads this - Lost on my long puts (obviously) but reacted by selling double the number of my Nov puts and turning the Dec puts into the long half of a time spread. Trimmed the whole position in the face of the power of ZITL's rise. Situation is still a loser, but not crippling. Could make nicely out on a correction to forty by Dec 20... we'll see. Gary

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