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

To: Killswitch who wrote (13997)	8/1/2002 8:19:28 PM
From: High-Tech East	Respond to of 19219

... Brian, I was just looking at the SP futures price action and LW set-ups from tonight's charts ... it now looks like the SP may be set-up to be long ... if the SP can rally even mildly for the next three sessions, we will probably have a trend change, and I will enter long on Wednesday ... I will keep both my SP Sept call and SP Dec put however, in case I am wrong and we run either up or down in a hurry ... ... a close friend, who introduced me to Larry Williams two years ago, did very well the last 2 days shorting the SP ... he covered this afternoon ... unfortunately, I did not have the belief or the balls to follow him ... Ken Wilson

To: Killswitch who wrote (13997)	8/2/2002 12:11:50 AM
From: Killswitch	Respond to of 19219

The Rydex numbers moved fairly well tonight, with the NDX and money market numbers essentially back to what we had on 7/26 before the big move up. SPX fund numbers though are not as impressive. My take: after a bit more down (perhaps just intraday tomorrow, but I hope for another down day) we probably will have enough fuel to bounce again. The market participants should see this as a successful retest, and then we should be off to the races for a while.

To: Killswitch who wrote (13997)	8/2/2002 3:02:30 AM
From: Steve Lee	Read Replies (1) \| Respond to of 19219

Brian, I think you are right that the VIX gave a buy signal. But that was a few days ago, and like Alex says the resultant "bull market" has been and gone. Since that VIX spike and reversal, we had some upside and the VIX moved down sharply. It is no longer in buy signal territory. Anyone who must be long is advised to use the $SPX rather than $NDX or $INDU. That is because MSFT is going down, probably by half, and will take the latter two indices with it. Come to think of it, MSFT will take the $SPX too as other stocks will move in sympathy.