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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (31537)9/29/2000 9:53:32 AM
From: donald sew  Read Replies (2) of 42787
 
SEPT 29 INDEX UPDATE
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Short-term technical readings per THUR's close:
DOW - upper midrange
SPX - overbought region
OEX - upper midrange
NAZ - upper midrange
NDX - borderline overbought
VIX - 21.95, over sold(inverse to market)
PUT:CALL - .48

Sorry for getting this update out late. In light of the APPLE news it appears that the rally that started yesterday my turn into a one day wonder as did the previous 2 occurances.

With my short-term technicals in the upper midrange/overbought region there is plenty of potential downside now.

Although the news from APPLE was bad I would not be surprised if the market first zig-zags/flatens out/sector rotate over the next few days, before the stronger selling resumes. Im not saying that it could drop hard straight from here either, just not to get to optimistic if the market doesnt drop immediately.

With the VIX back down to 21.95 and the PUT:CALL back to .48, complacency was fast to return, which is bearish.

As I am typing the market is really not down that much. In light of the APPLE news, some may have thought the market would tank, but since it is not tanking right now, some may get overly optiomistic. I just dont think that right now is the best time to get overly optimistic in light VIX and PUT:CALL.
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