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

To: marginmike who wrote (5441)	12/5/2000 12:55:09 AM
From: J.T.	Read Replies (1) \| Respond to of 19219

mike, I went to cash on friday and back long before the close today for several reasons. 1)BKX. I needed to see BKX action in micro-analytic detail today intraday low action against fridays action and comparative analysis over the past few weeks. Today put in a triple intraday bottom at this BKX 797-801 level and bounced up at the bell off the lows to close at BKX 805.52. And even though it closed down 10 points for me and below BKX 815 this action is clearly Bullish as it held higher lows from back to Nov 22nd intraday lows of BKX 769. You know it well my line of demarcation in the BKX sand has always been BKX 780. Todays action again has all the markings of the Nov 22nd close BKX 775 where I was on it like glue and hit it dead on followed by day after turkey day Nov 24th close (BKX 781.5) The backtest from MITA 5,292: ...<Today is critical for BKX to hold above BKX 770 which is elasticity below 780, but ideally close above BKX 780. If we get this level above BKX 775+ around one half hour before the close- I will go long 100% the SPX NOVA Fund before todays close. We are now below death row support BKX 780 at BKX 773.50 down 23 down 2.87%>... Just look me up under full search my alias alter ego Mr. BKX 780 and MITA posts are there with reckless abandon. siliconinvestor.com Now on this 60 minute BKX chart below I think we can assault BKX 860 - 880 levels in the next week before pulling back: charts-d.quote.com:443/975994999310?User=demo&Pswd=demo&DataType=GIF&Symbol=INDEX:BKX.X&Interval=60&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10&BgColor=0.255.0&TBgColor=0.255.0 The only caveat to this is if Mr. G. changes the stripes on his tiger skin tomorrow and says something out of the ordinary that signals he is going to hold rates on tightening bias which the market has already factored in neutral bias later this month. 2)SPX. Last Thursday Friday back to back close at SPX 1,315 held firm and I needed to see todays action wasn't a dead dog rollover act and going back to test SPX 1,294 intraday low action- or worse - lower lows. Todays low of SPX 1,310 wasn't even close and as it became apparent we weren't going to break the market gave its signal the point of least resistance is UP. This, coupled with the fact that we were going to close higher than the trifecta day of negative pre-announcements (GTW, ALTR, GAP) and BK musings when she closed at SPX 1,315. ANd as you know, SPX closed at SPX 1,325 for the record. 3)Political Election front. I could smell it coming the end was near for no more Gore and judges rulling against him and only now are we going to get that santa rally. And way back before this whole political animated suspension began on Nov 7th and beyond prior to I said we were going to rally to this SPX 1,440 level intraday and then sell. Never did I think it was going to be from these lowere levels. Well, I still think SPX 1,440 is in the cards before we pull back. A full 100 points higher. And as they say - better late than never. Let the Santa Rally Commence. Best Regards, J.T.