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Well, momentum is about exhausted, and expiration week is fraught with
whipsaws. I would still agree with John's symmetry analysis, that some
profits should be taken especially if one is playing with November options.
They can evaporate overnight.
BobR
At 01:17 PM 11/17/97 -0500, you wrote:
>I have to differ on this one because of the fact that breadth is very
>strong and has been since the opening. It is currently 3.9 to 1 to the
>upside (1:11 pm EST). I agree we are overbought but it would be unusual for
>this market to have any type of sustained pullback with this kind of
>internal strength. We may get a sharp selloff at anytime but I believe
>you'll have to be very quick on the trigger to catch it, then it's higher
>highs for the move. I won't look to short until I see some market internals
>(breadth, ticks) start to weaken as prices move higher. How high? 970
>maybe.
>
>Regards,
>
>Tom Alexander
>----------
>> From: G.John Boggio <boggio@xxxxxxxxx>
>> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>> Subject: MKT S&P General Comments
>> Date: Monday, November 17, 1997 12:22 PM
>>
>> Realtraders,
>>
>> Just to let you know, my short-term charts are indicating that we are
>> fast approaching significant overhead resistance as well as overbought
>> indications in the market. Currently it is 12:15pm est and the SP Z7 is
>> trading at 95120, and the $SPX at 946.70. Presently, I see this overhead
>> resistance coming in at 95500 and 950-952 respectively. Further, we DO
>> have symmetrical resistance at those levels. Therefore, for the
>short-term
>> trader, there would appear to be very nice shorting opportunities in this
>> market. For the intermediate trader, you may want to sell some of your
>> positions so as to lock in profits.
>>
>> Yours truly,
>> John Boggio
>
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