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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (25266)4/13/1999 8:09:00 AM
From: Patrick Slevin  Read Replies (1) of 50167
 
I must say it's quite nice of you to say those kind words, Ike, you are a gentleman.

In return let me tell you that Tom and I certainly take your discussions quite seriously and occasionally dissect them thoroughly. I'm certain several others from the Thread do as well. SE included, come to think of it.

I found yesterday unusual, as I see Advances led Declines in spite of the early selloff. A very positive sign for the eventual move North. One thing that disturbs me short term is the fact that my information it that there were several downside Blocks going back to the 1340ish level and so I expect at least some consolidation for a time. I do not have any data on late Block moves yesterday as yet, however.

I did not notice the disparity in the Options, but it seems to me that Puts historically have more premium than Calls until something breaks one way or the other. I'm certain the current reversal in the fortunes of Put premium will reassert itself shortly however it was a very good observation as 10 to 4 does seem a bit extreme especially 100 points out.

Per the methodology I use the odds favor another push up after early Lows, but the chance of a solid Short early is there so the game plan for me will be to Sell if the market moves higher for 15 or 20 minutes and hold to see if it can gather strength by 10:15 EST or so. If it does find some strength I would look for the Long to be viable until the day's High perhaps about 2 Eastern.

If the Market does not firm by 10:30 then I would look for the Short to be viable until 1, perhaps as late as 2:30 Eastern.

As usual, this has nothing to do with the long term scenario just a day trading Plan.

Very little of this takes into account Support and Resistance, thanks for the numbers as I now have alarms set on the selected Indicies as a signal.

Good Fortune to you.
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