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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (3596)6/27/2000 9:36:00 PM
From: J.T.  Read Replies (3) of 19219
 
Rydex Total Assets Update for Tuesday June 27th:

SPX Long - NOVA 622 Million
SPX Short- URSA 290 Million

NDX Long - OTC 3,260 BILLION
NDX Short- Arktos 97.3 Million

XAU Precious Metals 55.3 Million
Money Market 1,122 BILLION

SPX Long increases 57 million on a down day affair. The lemmings have no fear. Afraid to miss the next leg up. The technical undercurrent of this market is severely fractured at best and yet it still has a way to suck em in long like a frog in warm water getting cozy before getting cooked.

UTIL break of support UTIL 318 and BKX inability to close above BKX 780 resistance (formerly support) for the 8th straight day speaks volumes of the weakness in this market.

Once it spills over into dot com land where PEG is the measure of future growth in todays stock price is an erroneous assumption in a decelerating earnings environment.
Even bull queen abby jo has floated the trial balloon of deceleration problem and head cheerleaders meeker and blodgett are heading for the bush no longer defending their dot com sweethearts that fattened their pocketbooks.

One close below SPX 1,440, DOW 10,200, NDX 3,645 et al and look out below. If on the off chance these supports hold, we will then have a tradable rally. End of quarter window dressing and mark-up of stocks a possibility to appease the inmates that money was put to work on the rally. What a facade.

Best Regards, J.T.

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