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

To: macavity who wrote (6393)	1/30/2001 5:12:01 PM
From: David Lee Smith	Read Replies (2) \| Respond to of 19219

MomentuMonkey Indicator 4pm CST... SELL! Target price: 1230 Spread: -10.5% Momentum: Neutral Valuation: Very Poor MomentuMonkey Index: 98.36 100% Ultrabear Profunds (2xS&P 500 Index) The trap is set. Investors have been lured into expecting a 75bp move by the Fed. In fact consumer confidence does not forbode a recession and is slowing, but healthy. Certainly it is not enough for the Fed to move to 75bp, but it may insure the .50bp move. For those who feel the market will not sell off on the rate cut, consider the contrairian indicators that are off the charts bullish. People may be talking the (bearish) talk, but they're walking the (bullish) walk. The Dow is over-extended and ready for a fast snap-back. NAZ is seeing profit taking galore. I expect a strong opening to continue the sucker's rally and perhaps reach 1400 intra-day at best, then sell off hard towards the MomentuMonkey target price of 1230.