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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Chris who started this subject10/3/2000 9:15:42 AM
From: donald sew  Read Replies (1) of 42787
 
OCT 3 INDEX UPDATE
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Short-term technical readings:
DOW - midrange
SPX - midrange
OEX - lower midrange
NAZ - CLASS 2 BUY signal
NDX - CLASS 2 BUY signal
SOX - FIRM CLASS 1 BUY signal
VIX - 23.43, midrange
CBOE PUT:CALL - .72

Although the NAZ/NDX sold off strongly, the DOW was up and the SPX was flat, so the overall market was just slightly down. Per my short-term technicals the overall market is in the lower midrange, which implies that it is still in the "FLIP of the COIN" territory, and as mentioned in the past the overall market is commonly in the midrange right before the FOMC meetings.

If the news out of the FOMC is not view as bad, I feel there will be a relief rally, but that such rally will again not be that strong and may only last a few days, before the selling resumes and possibly intensifies. Of course if the news is great, then the rally could last longer.

Although the VIX is still showing complacency the CBOE PUT:CALL RATIO did rise to .72 which is on the bullish side of neutral, so that is a hint that some fear is moving into the market.

Yesterday, I closed some of my shorts(USPIX), so where I am now evenly hedged in both directions and about 85% cash.
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