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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 679.68+0.7%Nov 26 4:00 PM EST
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To: HairBall who wrote (132)12/3/1998 12:29:00 PM
From: Tom Trader  Read Replies (1) of 99985
 
Hi LG--from the time that I got the invite to post here, I see that you have been suspended and reinstated.

Now that is what I call a fast mover -- reminds me of some of the internuts:)

Re the market, I am on a sell signal and short the futures at this point -- but I suspect that we have seen the lows of this down-draft already and that we will reverse to the upside by tomorrow if not today. The interesting thing is that the futures made its low two days ago and we are no where near that low even as we sell-off sharply on the DOW at this point. In fact we have not come close to the lows that the futures made yesterday even during the worst of this sell-off.

I got buy signals on the NDX, NAZ two days ago and the SOX yesterday; the OEX and SPX are still on sell signals and the RUT is close to a buy signal -- so it is a mixed picture. IMO -- this is not the type of set-up for a major sell-off. I don't see the type of selling pressure that I would associate with a serious decline.

If the BKX gave a buy signal, I'd be willing to sell some OEX naked puts even ahead of a buy signal on futures. The action of the BKX is the only real negative in the picture at this point in terms of a turn-around commencing soon.

Time will tell, of course

Congrats on a great start to the thread

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