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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: Chris who started this subject5/18/2001 7:29:56 AM
From: donald sew  Read Replies (1) of 52237
 
MAY 17 INDEX UPDATE
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Short-term technical readings:
DOW - overbought region
SPX - overbought region
OEX - overbought region
NAZ - overbought region
NDX - overbought/borderline upper midrange
VIX - lower midrange

Per my short-term technicals the overall market is still in the overbought region. Not prediction, but if the market continues up and closes near/at the intraday highs I would get at least CLASS 2 SELL signals. Just wanted to mention that the market could also start reversing down at anytime now, since we have overbought short-term readings.

The NDX was unable to break above the upper trendline of the RECTANGLE, however the RECTANGLE is more of a bullish formation since it should take the direction of the most recent trend. However, it appears that the SPX and OEX are forming RISING FLAGS which implies bearishness, since they commonly break to the downside. The week after expiration, next week, is commonly a weaker period. In light of these factors and the short-term overbought readings, Im inclined to think that we should see some sort of a pullback starting early next week and possibly as early as this week.

I did initiate a straddle with JUNE CALLS & PUTS recently on the QQQ's and may close the CALL side of the position, depending on how the market reacts tomorrow. Im hoping that the call position will be profitable to the point where it will cover both the cost of CALL and PUT, or be close to that level. Then the position would be a no risk play from that point onwards with the PUTs only in play.
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