To: J.T. who wrote (62 ) 6/10/1999 11:36:00 AM From: J.T. Read Replies (5) | Respond to
MARKET COMMENTARY , June 10, 1999 Mid-Morning UpdateIS THE CORRECTION FOR REAL? INREASING BOND YIELDS backing up repeatedly and TWO CLOSES ABOVE 6% YIELD AND THE CORRECTION INTENSIFIES . Today is day 2 and we sit at a morning yield of 6.06%. Unless we get a huge reversal and close back below 6%, MARKET IS HEADED LOWER. TWO CLOSES ABOVE 29.66 AND THIS CORRECTION ACCELERATES DRAMATICALLY. We are at 26 interday right now.First close below 822.67 and we are on High Alert Status. Second close below this level drives another nail in nirvana bull argument to new highs now and commencement of intensified correction.I HAVE HIGHLIGHTED FULL WELL TWO CLOSES ABOVE 10,887 AND WE GO LONG. THIS DID NOT HAPPEN. I simply did not concentrate on other indices because I wanted to establish Market Index Laboratory. This will be completed after close tonight. A house (new thread) must be built on firm foundation and not on sand and fork tongues and hence the whole thrust of this thread is built on foundation of clear concise Market Indices. Plain as day with no need for astrological reads. A CLOSE BELOW 10,660 AND WE ARE ON HIGH ALERT AS THIS IS 50% RETRACEMENT FROM 10,945 INTRADAY HIGH ON SET ON JUNE 7 . Two closes below this level and and selling correction accelerates to test and potential blow through important 10,519. Two closes below 10,519 and market will test 10,200.
