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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: HairBall who wrote (1313)	12/11/1998 10:22:00 AM
From: Patrick Slevin	Read Replies (1) of 99985

OT I forget the basis, but Nemer postulated at the time of the AG bomb in October that a normal short position on the spoo (S&P Futures) would have lost $50,000 in 6 minutes or so at a minimum. So yes, perhaps it was a lucky trip. Today I intend to scalp the long side. There was an obvious "Buy Gap" per Larry Williams work and my data suggests a high probability for that gap to be filled. Once that occurs I am marginally biased towards a bullish afternoon so I may make two long side trades, on to fill the gap and another on mid-day weakness anticipating an afternoon rally. Not being around yesterday, my casual glance at the action suggests to me it was short term overdone and the SPX gap from earlier around 1150 will not be filled until the likely bearish move on Monday.

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