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

To: J.T. who wrote (738)	9/29/1999 12:46:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

Bonds down 3/4 of a point and yields backing up to 6.12% off of the strong durable goods # this morning. This will keep BKX Index/ under tight wraps for today. Nevertheless, it will not hinder or keep a lid on this impending BKX rally to ensue. I am still very bullish on this BKX Index and the stronger stocks option plays in this group can be picked up on the cheap now for this run to previously mentioned target levels. Do your own due diligence. Best Regards, J.T.

To: J.T. who wrote (738)	9/29/1999 4:33:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

NDX could not hold 2,418 and we gravitated right to 2,400 level like a magnetic force right into the bell to close at 2,398. I have mentioned the disturbing break of IBM as it closed at the low of the day at $120. If we break $118, this pup is going to trend down to $108-$110 in a hurry and take the DOW with it below the psychological 10,000 level. I will like to take my profit on these puts soon. BKX was an absolute dog as bonds were under pressure all day and this spilled over into BKX. It closed at 732.5 and needs to hold this critical 730 level on a close going forward. SOX finished at the lows of the day at 517.5 after being up most of the day. It needs to hold these levels and most importantly 509 critical support or I will turn my colors like a chameleon again. I may soon become the adopted brother of JOSEPH and the coat of many colors.<g> RUT was up +3 to 421.5 and this should be noted. Capital Research and Management, the huge money management group who run the stellar American Funds, say this is the place to be for the next 5 years - it will outperform the broad market averages. The DOW closed below the 200 day MA for the first time down 62 to 10,213. April 9th was the last time we closed at lower levels. We need a bounce tomorrow as a second close below this level will be another albatross overhanging the market. Another test of 10,050 may be in the cards. SPX bit the dust and sold off in the last half hour as well finishing at the lows to 1,268. This is the lowest close since March 24th. We need a bounce tomorrow or 1,245 test is on deck. Best Regards, J.T.