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To: Cynic 2005 who wrote (244)12/3/1997 9:56:00 AM
From: bobby beara  Read Replies (1) | Respond to of 86076
 
Mohan, S&P, NYSE, FTSE, all sitting on upper resistance bands and the NaZ just fell off it's upper resistance band yesterday.

The NYSE McClelland Oscillator had a very small rate of change yesterday and has indicated a large move (1-3%) in the major averages in the next 2-3 trading days, since I've been following it. It also is sitting right at the point of the October 8th peak.

With the techs leading the way down, I would be betting that move would be in the down direction. Altera has been one of the most consistent earning performers in the tech sector. Get out the stretcher -g-

I think a lot of traders are walking wounded already -g-

I would think the market would have to test 7350 at least one more time before any rally can continue in earnest and there is a cycle low coming in the 3rd week of December.

A flat day today would also give us the price point shelf in the 8010 area that compares to the shelf prior to 87' slide. Santa Claus rally for bears? -g- or Myth again? -g-



To: Cynic 2005 who wrote (244)12/3/1997 1:59:00 PM
From: Tom Trader  Read Replies (1) | Respond to of 86076
 
>>Now that Tom trader is also getting more bullish, I feel better about my puts. -g- <<

Now my guru, using me as a contrarian indicator is a high risk strategy:)

Remember, that I change my stance on the market at the drop of a hat -- in fact to paraphrase another saying: the only permanent thing about my view on the market is that it is always changing.


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