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Strategies & Market Trends : Harmonic Trading with The Phoenix -- Ignore unavailable to you. Want to Upgrade?

To: the-phoenix who wrote (79)	11/19/2002 9:20:49 PM
From: the-phoenix	Respond to of 941

Jeff: In fact, the S&P futures just spiked to 901.5 just before 9PM EST, so I would have been stopped out there...

To: the-phoenix who wrote (79)	11/19/2002 10:34:22 PM
From: Jeffrey S. Lillie	Read Replies (1) \| Respond to of 941

Phoenix, I just saw the futures as well. Lycos shows a high of 901, but it would have taken you out no doubt. Thanks for the well thought out response. I will close out in the 884-888 area if offered in am. If not, I will close out at the level that corresponds to the stochastics starting to turn back up on my 15 min spx chart. Tomorrow (like every other day) will be intersting. The housing starts and building permits could move the futures in the am. After Home Depot's news from today, there may be some bad news in the release. Question is how the market reacts to it. Lately the worse the news the bigger the move up (ggg). My typical hold for the spx options is 1-3 days. My downside target for this trade was 891, so by my own rules i should have closed at least half of this position out at 893 lows in the am or a second chance in pm. Hopefully, for once a mistake will add to profits. Time will tell. As for tomorrow, my take is we get the down right out of the chute to the 884-888 area then work our way up to 893 where we find resistance around 11-12 noon. Sideways action into 130-230 then two choices. ONE: down to a close at 888 with test of 872 coming on Thursday. This does not rule out a test of highs. TWO: more up to a close around 902 on our way to test the new highs. I feel it is almost a given that we make one last run to new highs on spx,dow,nas and ndx before thanksgiving. Once accomplished (assuming we get there) a significant decline will begin. I have never traded futures, but have considered it. If you could give a quick summary of why you prefer them over options that would be great. Perhaps send me a private email with a phone number and we can chat manana. jeff