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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.88-0.3%Jan 30 4:00 PM EST
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To: SBerglowe who wrote (17813)9/27/1998 6:45:00 PM
From: Clint E.  Read Replies (2) of 70315
 
>>>Clint 8350-8400 looks like strong resistance here. What is your thinking?

8350 was my short-term target for the DOW. I thought earnings worries of large multinational DOW stocks will dampen the colossal enthusiasm required to push above 8350. I gave NAZ a higher target(%-wise) of 1850 because I expected technology stocks to lead and spark a rally.

I think we won't pierce through 8350 and stay above it on the 1st try or perhaps even the 2nd. try. There could be a couple of setbacks.

Soon after the rate cut, the focus will shift to earnings, possibility of any further rate cut, and the reaction of the governments and markets around the world. The latter is of the most importance to me and I believe to the US markets. That is also the primary reason behind this rate cut. A series of market-friendly measures taken by foreign countries and signs of stabilization in such markets, could keep us pushing higher until we hit the next resistance around 8700.

This rate cut is a big deal to me. Many traders seem to expect a major selloff on Tues. but I don't.

>>>I have to believe that we are going to make a run to 8400 just to hurt those bears. However after that we retest the lows and either hold or fold.

Favors again? An SI friend sent me excerpts of his newsletters. Something about top-to-top Count(??) expiring on October 6 and markets going to hell after that.

I hate to be in his shoes but I compliment him in sticking with his call.

Clint
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