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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: Suresh who wrote (18737)	12/10/1998 11:55:00 AM
From: bobferg	Read Replies (3) of 69022

Suresha, I agree with you that the financials seem heavy. The Bank Index (BKX) tape and chart are almost telegraphing more warnings/bad news coming. The 200dma nailed the BKX rally and now the weekly stochastics are rolling over from overbought, not too kewl. Bonds rallying back below 5% doesn't help matters, poor banks are about out of ways to make money :) I have been out of the market since last Thursday due to remodeling our kitchen for Xmas, my particular Deity did not endow me with the intestinal fortitude to monitor both Mr market and remodeling contractors simultaneously :) Last night was the first time I had a chance to really look over some market stuff and noticed that: a)Of all the indicators I follow my favorite (Cabot's 2 Second Indicator)gave a sell signal last Friday cabotm.com b)The Dow is currently trying to break from a little head and shoulder high Complicating matters is the fact that we rolled from December to March SP futures this morning so we are right in the middle of triple witching :) Nonetheless,I bought LXK a little while ago for a trade but do not want to have too much exposure to this market long or short right now.

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