JanOrama
my thoughts to IKE!!!!!
Talk : Market Trends : "IDEA OF THE DAY"-Trading in&out for profits.
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To: IQBAL LATIF (21906 )
From: Options Jerry
Sunday, Dec 13 1998 2:43PM ET
Reply # of 21935
Hi IKE
just some musings for the coming week....
I've looked at P&F for the SPX-SOX-DJIA...
SPX has now held 1155 support three 3 consecutive times...1170 is a 3 box reversal
up, but i feel 1175 will contain any rally near term..My guess is that we are going to roll
over and down, and break 1155 support, 4th time this area will NOT hold, then go to
1135, major support and a great buying opportunity IMO..
SOX--ALERT---RS just reversed into a column of O's which is negative..the SOX
bounced off 330 which is a double bottom sell signal and the first in this awesome up
trend...usually this first "sell" signal is false..345 is major resistance and it won't penitrate
this level..if we reverse off 345 and print 325 we are going down to 300 and then
275..probably the bottom...
DJIA...this index broke a double bottom at 8750, a 3 box reversal up to 8900 could
lead to 9050, near term resistance...I feel we'll reverse off that short runnup and selloff
down to 8350...
With Impeachment a given in the House Vote on thurs...A major factor, IMO, because
NOONE thought this was going to happen...Well it's a reality...Next is the FOMC
meeting on Dec 22nd...NO RATE CUT this time..AG does his thing 3 quick moves and
rests<g>...to watch it work or not...
So IMO the bias is down...and of course IF AG does CUT...then ALL bets are off...
hope your well, my regards, Jerry
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