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Strategies & Market Trends : News Links and Chart Links

SPXL 220.09

-3.3%

Dec 12 4:00 PM EST

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To: Justa Werkenstiff who wrote (1030)	11/25/2001 11:16:51 AM
From: Les H	of 29603

Astrikos Saturday, November 24th (Weekend Update) Staying true to the seasonal bias, the market staged a post-holiday rally on Friday, led by solid gains in the banking sector. However, if there was ever a rally you could fade (sell into), I think Friday was it. In particular, the Nasdaq is looking particularly vulnerable to a selloff. QQQ volume came in extremely light Friday at only 27 million shares, the lightest volume since the July 4th holiday. The lack of volume in the index-tracking stocks suggests retail investors (weak hands) were taking the market higher Friday. Prior to the holiday, I discussed the importance of the pivotal 40 level on the QQQ, which should act as strong options-related resistance given the huge open interest in the December 40 calls. And if you'll recall from Wednesday, we had a MNX sell signal triggered, which forecasts a close below NDX 1552 either Friday or Monday. Now we have a couple more sell signals to add to that list.

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