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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: steve susko who wrote (3346)	9/7/1998 8:16:00 AM
From: Arik T.G.	Read Replies (1) \| Respond to of 44573

Steve, >>Look like you'll get your SPX 1000 on tuesday I'm not that sure Tuesday is going to be up. Since the top on 7/21, many small corrections (3 that I noticed, maybe more) happened overnight on the GLOBEX trading. Spoo 999 could have been just enough with the market's last half hour rally on Friday, to complete the small c of 2, so we would start 3 of 3 wave down minutes after the open. The DAX index turned back today once again after facing the 5000 level (also the 200 dma!) in the morning. It's the third time the DAX tried and failed to attack that level in the last 7 trading days. >> Abbey Cohen putting her reputation on the line calling for a rally. It's the nth time AJC is repeating her views since the down trend started. Her previous statements couldn't spark a sustainable rally , and the more she repeats them, the less weight they carry. This is a big difference between now and 10/97. The other difference is, as Tom Trader mentioned before, we are under the 200 dma, and may I point that mid last week's rally targeted the 200 dma and failed. The daily action, though, seems to copy the October mini crash- The day of reversal from -2% ATO to +5% ATC, with record volume, followed by two down days was a pattern set in 10/97 and repeated until Thursday. Friday diverged by not closing up again, and left the stage clear for Tuesday to decide. ATG