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

To: J.T. who wrote (189)	6/24/1999 12:13:00 PM
From: J.T.	Read Replies (2) \| Respond to of 19219

LOW WATER MARK SUPPORTS THAT NEED TO HOLD FROM MITA 189 POSTED 6/23: *PLEASE NOTE*Several Points: 1) In "The Majors Group": I am keeping extremely close watch on supports DOW 10,530; SPX 1,302; OEX 660; TRAN 3,350; UTS 324; VIX 25.5. I will not tolerate any margin for error at this stage in the market. If we get running close prior to bell where the majority of these supports are seemingly about to get taken out, I will not wait for that coveted second close below these levels. Reason is because confluence of tight supports taken out for me is overwhelming evidence in a change in market sentiment. We are at dangerous levels that need to hold from May 13 highs. We have now marked Trading DAY # 28 from May 13 highs and if we break supports it will be right in here next few trading days as it took exactly 38 Trading Days for that fateful '87 collapse. Just need to keep eyes wide open for any potentiality. 2)I did not take favor that BKX opened gap down 17 points and that was the high for the day. Low from that was roughly another 17 points before minor recovery. Long bond yields backing up to 6.13% weighs a heavy burden on BKX. 3)Let's keep close watch on RLX (Retail) as this is early warning signal of economic pulse that consumer spending spree is peaking; this topping process and rolling over of RLX index (if now is commencement)is 3 to 6 month lead indicator and that consumers are tightening up pocketbooks on spending habits which will ultimately filter down to wall-street. 4)Internet Indices showing some vigor but IIX need to take out 312 and DOT 598 on two consecutive closes. Both indices are within striking distance and we need conservative approach here hence the two day close and not one day false break. If the market is to get new legs, NUTS must move up now. 5)Pathetic XAU trying to wake out of the slumber from the grave and this mummy groaned a breath of life up 3.2%. Two close above 64 will lead to this little rally which may fizzle or dazzle depending on broad market. If market is in dire cahoots, XAU should turn up here for rally. Otherwise, put the mummy back where it belongs in the tomb of the dead. Best, J.T.

To: J.T. who wrote (189)	6/24/1999 9:40:00 PM
From: J.T.	Read Replies (2) \| Respond to of 19219

MARKET INDEX LABORATORY, Thursday, June 24, 1999 INDEX Pr Cls Open High Low Close Change %Change 12MO HI 12MO LO THE MAJORS DOW 10,667 10,667 10,667 10,471 10,535 - 132 -1.2% 11,107 7,539 SPX 1,333 1,333 1,333 1,308.5 1,316 - 17 -1.3% 1,368 957 OEX 678.5 678.5 678.5 665.5 671 - 7.5 -1.1% 690 471 RUT 447 447 447.5 443 443 - 4 -0.9% 464 310 TRAN 3,379 3,379 3,395.5 3,326 3,326 - 53 -1.6% 3,784 2,345 UTIL 326.5 326.5 326.8 324.4 324.5 - 2 -0.6% 334 272 VIX 21.57 22.25 25.39 21.96 23.67 + 2.1 +9.7% 48.56 16.88 TECHNOLOGY/SEMICONDUCTOR/SOFTWARE COMP 2,598 2,597 2,598 2,550 2,554 - 44 -1.7% 2,652 1,419 NDX 2,239.5 2,239 2,239 2,181 2,185 -54.5 -2.4% 2,268.7 1,129 MSH 1,117 1,117 1,117 1,084 1,087.5 -29.5 -2.6% 1,139.5 480 PSE 582 582 582 565.5 568 - 14 -2.4% 586.5 278 SOX 475 472 472 454 454.5 -20.5 -4.3% 477 190 CWX 751 751 751 732 737 - 14 -1.9% 748 399 INTERNET/NETWORKING DOT 588.5 591 591 575.5 576 -12.5 -2.1% 790 144 IIX 302.5 302.5 302.5 293.5 294 - 8.5 -2.8% 358 97 GIN 478.5 478.5 479 462 462.5 - 16 -3.3% 667 114 NWX 568 568 569 553.5 557.5 -10.5 -1.8% 582.5 232 BANKS/BROKERAGE/RETAIL/CONSUMER/DRUGS/CYCLICAL BKX 862 859 859 838 841 - 21 -2.4% 932 592 XBD 410.5 410.5 413 401.5 402 - 8.5 -2.1% 530 149 RLX 886 886 896 868.5 876 -10.4 -1.2% 966 588 CMR 547 547 547 540.5 543.5 - 3.5 -0.7% 574 444 DRG 349.5 349.5 354 348 353 + 3.5 + 1 % 425 304 CYC 596 596 596 581.5 582.5 -13.5 -2.3% 619 392 OIL/GOLD-SILVER/COMMODITY XOI 513 513 513 503.5 505 - 8 -7.9% 526 377 OSX 75.5 75.5 76 72.5 72.5 - 3 -3.9% 92 47 XAU 62.5 63 64 62 62 - .5 -1.2% 87 49 CRX 210 210 210.5 206 206 - 4 -1.9% 229 149 30 YR. BOND YIELD TYX 6.128% - 6.191% 6.121% 6.161% MARKET INDEX LABORATORY, June 24, 1999 (PAGE 2) MISCELLANEOUS INDICES AIRLINES/TOBACCO/CHEMICAL/INSURANCE/YEAR 2000 XAL 163 163 164 161 161 - 2 -1.3% 204 116 TOB 293 293 293 288 288 - 5 -1.7% 326 236 CEX 504.5 504.5 504.5 492 493.5 - 11 -2.2% 547 402 IUX 648.5 648 648 638.5 643.5 - 5 -0.8% 710 471 YTK 207.5 207.5 207.5 201 203 - 4.5 -2.2% 237 144 *PLEASE NOTEPrognosticating the market is like detective work. We must be astute in observations looking for clues to market direction just like detective Columbo sleuthing for evidence in search of the murderer. We do not want the market to lead us to death row and be like lambs led to slaughter so we must prepare our defense and fight the good battle. Ah, Columbo always gets his perpetrator. And we are on top of this market which goes no where without us. No sucker punches, no surprises. Let's look at the details and see what market is telling us. Addendum forthcoming. Best, J.T.*