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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Chris who wrote ()	6/28/2000 8:44:00 AM
From: donald sew	Read Replies (1) of 42787

SHORT-TERM TECHNCAL READINGS: DOW - midrange SPX - lower midrange OEX - lower midrange NAZ - oversold/borderline CLASS 2 BUY SIGNAL NDX - CLASS 2 BUY SIGNAL VIX - 24.79, midrange CBOE PUT:CALL - .57 5 DAY TRIN - 4.96 On MON the NAZ was up, but then yesterday(TUE) it basicly gave up all the gains it made on MON. Just a continuation of the same pattern of a tight trading range since the beginning of JUNE, which so far has lasted 18 trading days. This type of a very tight trading range is an anomoly for the NAZ, and the last time this occured was back in SUMMER of 1998 during that strong correction period. This is a one-to-one comparison between the current NAZ and the 1998 SUMMER NAZ, so it is not statistically viable; however I will not ignore the possibility that this tight trading range could get resolved to the downside as in 1998. As mentioned previously my short-term technicals are normally in the midrange by the time of the announcement and with the SPX in the lower midrange its off a little. Keep in mind that I use the SPX to better deplict the overall market in light of sector rotation. For the short-term my readings for the NAZ/NDX is already basicly a CLASS 2 BUY and is only a day away from a CLASS 1 if the market continues down; therefore I am expecting a bounce by tomorrow, and as early as today and as late as FRIDAY. Of course we have the FOMC announcement later today which could skew things, but even if the announcement is bad, I am still expecting some sort of bounce in the NAZ/NDX within that timeframe. I do not expect that this forthcoming rally to be that strong and only last into next week. Theafter, I suspect that a pullback will start by the 2nd week of JULY or towards the middle/end of the 1st week of JULY. That forthcoming pull back could be the first movement to break this tight trading range - in other words the selling could intensify. seeya

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