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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Tom Trader who wrote (4635)9/25/1998 10:27:00 AM
From: SE  Read Replies (2) of 44573
 
Tom,

I was thinking about a short somewhere in here as it is re-testing the mid-45's, however, the NDX is above the 10, 20 and 50 period moving averages on the one minute chart and looks like it has some support and room to run. The TICK has improved dramatically and the TIKI is strong. I think it might run for a touch as IKE suggests. Not sure IKE's and my time frame are similar however, as I am trying to figure out the next hour or two...I think IKE has a longer time frame in mind, but will let him speak to that issue.

IKE, btw, welcome to the thread and I hope to see you post your thoughts on the SPOOs on a regular basis. Your insight will add another dimension to the thread that will be very positive for all of us.

All that being said however, I show a low TICK of -950. To get my 1,200 point move it has to get to +250. If it does so within the next 1/2 hour I would look for a 10 point drop from the new highs....whereever that comes. So, I still think a very profitable short can be had today, it is just a matter of assessing the situation and picking an entry near the top. It is this call that I will be looking for during the next 1/2 hour.

-Scott

EDIT - Dow 8000 looks like a tough nut to crack as the 50 and 200 period ma's (five minute bars) are meeting and crossing at that level. That being said I will be watching the 52 level on the SPOOs real careful for indications of a breakdown.
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