RE: [CANSLIM] M update

From: "Hill, Ernie" <Ernie.Hill@ElPaso.com>
Subject: RE: [CANSLIM] M update
Date: Sun, 7 Jul 2002 20:34:18 -0500

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The low turn was made on 7-3 one day outside of the projected turn window.
This is not uncommon when dealing with a move as strong as this one. The
bottom was actually made at 934.88, we have since rallied 54 plus S&P points
in less than two trading days (pretty explosive).

The next turn high is due within four trading days of 7-15. The market is at
a critical juncture right now. The highest probability for this next turn is
for it to occur in the first day of the turn window or one day before the
turn window. This translates into 7-8 or 7-9. In either case the price level
is the determining factor. 999 on the SPX is a key level. This level
represents a .618% retracement of the move from the high of 6-18 to the low
of 7-3. The highest probable course for the market to take is for it to
reach this level (999) and then to reverse course and continue it's recent
slide.

However, if this resistance level is taken out convincingly then the market
will likely continue up to the next most likely price target of 1033 which
will be a complete retracement of the move from 6-18 to 7-3 plus a couple of
bonus points, and the turn would likely occur near the midpoint of the turn
window.

E

- -----Original Message-----
From: Hill, Ernie [mailto:Ernie.Hill@ElPaso.com] 
Sent: Tuesday, July 02, 2002 8:10 PM
To: canslim@lists.xmission.com
Subject: [CANSLIM] M tomorrow


If the market continues to go south tomorrow the downside risk is to 933 on
the S&P. If the low turn was not made today it will very likely be made
tomorrow. We should then get at the very least a tradable rally, and there
is strong potential for an explosive move to the upside.

E




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