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 (3610)	6/28/2000 6:37:00 PM
From: J.T.	Read Replies (1) of 19219

Rydex Total Assets Update for Wednesday, June 28th: SPX Long - NOVA 689 Million SPX Short- URSA 277 Million NDX Long - OTC 3,410 BILLION NDX Short- Arktos 86.7 Million XAU - Precious Metals 57.4 Million Money Market 897 BILLION Mutual Fund switchers today got whipsawed today and either switched long to early or stayed long until it was too late. Tomorrow the longs will pay the piper. The numbers show another 67 million switched long to SPX NOVA and 2 day total is 134 million added to spx long. NDX Long edges higher. NDX Short Arktos at lowest levels since I have been keeping track and SPX Short URSA banging on its lows. Also, look at the low cash levels today. The money has been put to work. Everytime we get under 1 billion in cash - the market goes down the next day. Guess what folks? The frog is in the warm water and the stove just got turned on high to apply the boiling cook job. I will be highly surprised if tomorrow is an up day affair. XAU locked in a 3.6% gain to finish at XAU 59.21 up $2.06. Now look at the increase in assets - a paltry 2 million. What does this mean? XAU is going higher tomorrow - potentially much higher. Upside target is XAU 68. XAU 60.08 minimum target. Nobody believes the XAU rally - that is why it is going higher tomorrow. Because it can. BKX fails the BKX 780 litmus test a 9th straight day. Today was the second day in a row BKX traded above 780 most of the day and still closed below 780. We closed at BKX 774. BKX 737 death row support intraday test is on deck- most likely in the next 2 days. UTIL managed to close back above UTIL 318 to close at UTIL 319.33. Best Regards, J.T.

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