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

To: marginmike who wrote (1098)	10/27/1999 4:31:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

Yes, I am long. Long in anticipation of bullish ECI report tomorrow. BKX was lead indicator as it soared all day long. Closed at BKX 835 -- a monster run and one that should not go ignored. This indicator alone has not let me down. I got late confirmation when NDX bottomed at NDX 2,422 and quickly reversed back up hard. I would have liked NDX 2,500 close, but in light of fact of downward earnings revisions in MSFT and INTC from Goldman and Smith Barney, NDX was not going to close above 2,500. The hard bounce was enough for me. NDX closed at NDX 2,457. BKX had me confused last three days in light of this banking bill last Friday. I have posted BKX 795 two closes and I will go long. Yesterday we closed right on it at BKX 795 for third close but I did not get NDX confirmation. Today left little doubt the market is ready to rumble up. We have now had four closes at or above BKX 795. If tomorrow ECI #'s fall in line with street estimates, the market is going to rocket to the moon. However, one needs to keep in mind exogenous shocks that could develop anytime and be on guard for which could alter the markets course: namely a negative ruling on MSFT on some Friday after market closes as one example. Also, an inflationary ECI # would send the market reeling and if BKX closes below BKX 795 tomorrow I will again likely turn into a switch hitter back bearish. Right now, my bet is long and the ECI # is in line and we rock. Best Regards, J.T.