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Strategies & Market Trends : Waiting for the big Kahuna
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To: GROUND ZERO™ who wrote (40145)5/21/1999 1:41:00 PM
From: Daflye  Read Replies (1) of 94695
 
SPX is closing on it's 50ema, around 1322 on a daily chart. Three times this month alone this line has held. This line has held since the Oct98 lows with a minor breach, and substantial bottom on March 3rd.
I'm still holding puts from 5/13. And have added since.
127.0.0.1:3456/SI/~wsapi/investor/reply-9514464

I'm betting the 50ema is breached, and the SPX corrects, as it has in every good correction for the last 3 years, down to its 50ema on a weekly chart. Extrapolated out 3-4 weeks puts the SPX possible correction line around 1220-1230. But hey, I'll change my mind if this turns out to be a minor shakeout.

Cheers,
D
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