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

To: J.T. who wrote (1830)	12/9/1999 12:06:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

BKX UPDATE: The BKX "bounce" is over. MITA mentioned possible bounce to test resistance at BKX 790 resistance yesterday and we fell short hitting an intrady high of BKX 786. We have now retraced this entire morning rally and now stand at BKX below yesterday close at BKX 772. BKX 752 next target test. TRAN, as MITA has well documented concerns, is now starting to only reinforce trouble. We are at TRAN 2,839, down - 42. MITA mentioned TRAN 2,844 needed to hold support. We are now below this level. MITA 1,787 Backtest: ...<TRAN 2,886 needs to hold TRAN 2,844. If TRAN closes below TRAN 2,844 level with BKX and UTIL lower tomorrow...... I will buy Dec QQQ puts whether this index is up or down during the day, if rate sensitive issues break again tomorrow>.... Look for assault on TRAN 2,800 later today or tomorrow. This "broad market rally" wreaks of distribution and the "smart money" selling into strength now. Best Regards, J.T.