MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (3378)	5/31/2000 10:41:00 PM
From: J.T.	Read Replies (2) of 19219

Rydex Total Assets Update for Wednesday May 31st: SPX Long - NOVA 647 Million SPX Short- URSA 313 Million NDX Long - OTC 2.779 BILLION NDX Short- Arktos 132 Million Money Market - 1.251 BILLION ----------------------------------------------- Last night I mentioned this market is going to be tough to pin down and both Bulls and Bears are going to get whipsawed. Today was no exception as NDX et al again failed the back to back upside test and it again has everyone on edge. This is guerrilla warfare and the buy and hold mantra can be thrown out with the bath water. It was the strength of the BKX index back to back above 820 close ( BKX closed at BKX 829, +9)plus strength in UTIL (UTIL 328.5, +3.8)and MER back above 98 (MER 98 5/8 +4) among other reasons that prompted me to go long. I think we can get one more upside follow thru here unless NAPM or construction numbers disappoint tomorrow. As for Rydex numbers tonight, I am very uncomfortable with SPX Long NOVA vs Short URSA now at a better than 2 to 1 clip asset-wise. Moreover, NDX Short stayed quite low although here the whipsaw was end of day after fund switching had to be done prior to the bell. For the market to do my bidding: tomorrow is a medium to strong up day that sets up for Friday's employment report. Just when everybody throws in towel to go long the monkey wrench comes in and we go down hard for 1 to 3 days and find a lower bottom below last week lows. A complete wash-out. From those extreme intraday lows the June rally then begins... If this type of scenario materializes, it will be extremely painful to most but for those who are prepared it can make your entire year... Best Regards, J.T.

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