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 (3516)	6/14/2000 10:10:00 PM
From: J.T.	Read Replies (1) of 19219

Rydex Total Assets Update for Wednesday June 14th: SPX Long - NOVA 720 Million SPX Short- URSA 264 Million NDX Long - OTC 3.209 BILLION NDX Short- Arktos 99 Million XAU Precious Metals 60 Million Money Market - 1.030 BILLION Short Funds still in low flat-line. Any one or two day strong rally from here will signal capitulation on short positions and cash in money market will be put to work on the Long side. The lurkers know this is ultimate CONTRARY Indicator for the venus fly trap to work its magic. Suck em in and shut the door. That same feeling as week of April 10th to 14th. Frozen deer in headlights. The smart money also knows this is NOT October 98 relived when URSA (short spx fund) was top heavy vs. NOVA (long spx fund)in 3X + ratio short over long on that capitulation October 8th close. We are now close to exact opposite parameters. People are trying to jump on the long train in fear of missing the summer rally or next leg up. Bull nirvana proponent Jack B over at the MERC - Commerz One was spewing melt-up and all this cash getting committed long by the inmates after employment report and then after PPI report. Ironically, today Jack wasn't singing the same bull harmonic tune today after core CPI was baked to perfection at .02. WHY??? Now the core nucleus down on the floor is rethinking the models and asking why no melt-up??? The answer is the money is almost all committed Long and once the last one gets in a few more days they will be left holding the bag in utter disgust. The game is getting to the boiling point on the whipsaws by the chicago boys and taking out lower supports only to reverse course. What will soon happen is people will simply walk away from the game and the money will disappear back into bonds and or fixed income investments. It is not a question of IF but WHEN it turns. It could be after Friday - next week or early July I don't know. And even in spite of this impending pendulam swing, I remain ndx long for brief duration of the rally. In the meantime, it is time to tighten up the supports on the major indices. Best Regards, J.T.

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