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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: J.T. who wrote (188)	6/24/1999 12:20:00 PM
From: J.T.	Respond to of 19219

PIXR update: this posted from 06/23 MITA post 188: Why do I know the shorts are toast? Answer: We have not had 5 closes in a row above 47 since Nov 17 to Nov 23, 1998 when A Bugs Life movie came out. The MM's can't shake loose any significant shares on minor pullbacks. 50 and 200 DMA left in the dust way back around 42. Look for 50 to get taken out hard tomorrow, barring any major market sell-off. 50 did get taken out, but they quickly reversed it and sold it off hard for profit. I was out when the debacle occurred and like a fool did not have limit orders in when away. I had limit order in yesterday on 50's at 3 3/8 which it hit today, but this was not GTC order. Lesson to be learned here. Sold my July 50 calls at 1 5/16 for profit ( bot at 7/8), but my 55's are totally under water. Look for a total wash-out between 38 1/2 and 42 before reversal back up. Best, J.T.