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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who started this subject8/16/2000 9:25:42 AM
From: donald sew  Read Replies (1) of 42787
 
AUG 16 INDEX UPDATE
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SHORT-TERM TECHNICAL READINGS:
DOW - upper midrange
SPX - upper midrange
OEX - upper midrange
NAZ - upper midrange
NDX - upper midrange
VIX - 20.97, lower midrange(inverse to market)

Yesterdays pullback in the DOW did confirm that the rally on MON on low volume was suspect. However, I dont want to give the impression that there will be a strong sell off right now.

This is expiration week, which skews things at times. The OEX MAX-PAIN is around 800 and the OEX closed at 811. In light of such I do not see strong movements in either direction for the overall market for the rest of this week. Just ZIG-ZAGs and SECTOR ROTATION/relative flatness.

Next week(week after expiration) is commonly a weaker time-frame, but still not expecting a strong selloff.

As mentioned previously, prior to an IMPORTANT ANNOUNCEMENT my short-term techncials normally move to the midrange. So with the FOMC meeting next TUE, I suspect that there should not be much movement until after the meeting. If there is a rally after the FOMC meeting, I m not expecting huge upside. In light of the recent rally, we may just get selling with the news.

With the DOW selling off yesterday I was a bit surprised that the NAZ/NDX did not follow the DOW to the downside, in light of the weakness in the NAZ/NDX. Such simply implies that the NAZ/NDX are not as weak as I originally expected. No Im not saying that the NAZ/NDX will shoot to the moon, just not as weak as expected.

As previously mentioned I have a mid-term top during the 1st week of SEPT.
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