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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who started this subject10/25/2000 5:03:43 AM
From: donald sew  Read Replies (2) of 42787
 
OCT 25 INDEX UPDATE
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Short-term technical readings:
DOW - borderline CLASS 1 SELL SIGNAL(closing basis)
SPX - overbought, pending INTRADAY CLASS 1 SELL, DOJI
OEX - overbought, pending INTRADAY CLASS 1 SELL, INVERTED HAMMER
NAZ - upper midrange
NDX - upper midrange
VIX - 26.83, oversold(inverse to market)
CBOE PUT:CALL RATIO - .64

Last FRIDAY I got INTRADAY CLASS 1 SELL signals on the SPX/OEX/NAZ/NDX, where the INTRADAY HIGHs on the NAZ and NDX held and it took 2 days for the selling to really start. In light of the afterhours developments/news yesterday it appears that the selling in the NAZ/NDX should continue and may intensify. The weakness in the NAZ/NDX really started with the weakness in the SOX yesterday, which was down 7.8%.

The DOW closed up 121 points while the NDX closed down about 70, which is a hint of SECTOR ROTATION. Keep in mind that the conventional belief of the major indices following each other has NOT worked well for the last 1.5 years in light of SECTOR ROTATION. So if SECTOR ROTATION continues in yesterdays manner, that could have a strong negative effect on the NAZ/NDX where this short-term selling could be worse than expected by many, including myself.

Previously, I felt that the pullback in the NAZ/NDX may not be strong, but with yesterdays developments and the possibility of SECTOR ROTATION(from NAZ to DOW), things may be worsening for the NAZ/NDX. Need to watch the daily clues.
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