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 (5822)	1/2/2001 1:29:03 AM
From: J.T.	Read Replies (3) of 19219

Rydex Total Assets Update for Friday, December 29th: Regular Series: SPX Long - NOVA 408.1 Million SPX Short- URSA 235.8 Million NDX Long - OTC 1,806` BILLION NDX Short- Arktos 80.8 Million XAU Precious Metals 39.8 Million Banking 98.3 Million Biotechnology 550 Million Money Market 1,429 BILLION ******************************************* Dynamic Series (200% correlation) SPX Long - TITAN 65.0 Million SPX Short- TEMPEST 35.4 Million NDX Long - VELOCITY 129.0 Million NDX Short- VENTURE 28.7 Million ***************************************** The SPX (and BKX) snaps its 5 day winning streak as the SPX closes down 14 points to finish at SPX 1,320. The intraday high was SPX 1,340 which runs right smack into the closing break set back on Dec 14th when she closed at SPX 1,341. December 15th close was sell-off accelaration as it closed at SPX 1,312. Now look at how fast SPX Long NOVA total assets scamper out after 1 down day. SPX Bulls can't stand the heat after 1 down day. This is a significant move down 550 to 408 in a day. Recall SPX Long Total Asset 52 week lows was recorded on Thursday October 12th when the SPX collapsed 35 point to close at 1,329 and change. NOVA TA was 341.2. But SPX snapped right back up the next day to close at SPX 1,374 and it became a distant memory. In addition, you see Dynamic SPX Long TITAN TA shrink from 99 to 65 million so long money heads for cover quicker. This is INTERMEDIATE TERM BULLISH over the nearterm once the washout wrings itself dry. The one hang-up continues to be nobody wants to play the short side. And TA in SPX Short URSA is only 15 million above its 52 week low. The immediate problem is one in the BKX. Tomorrow is a key day as it has not broken my key support BKX 898 level. Friday it closed at BKX 901.42 down over 14 points. If BKX 898 is taken out, it will quickly retreat back to BKX 860 intraday over the coming 2-3 days. This will drag down the SPX with it. Notice BKX Total Assets (TA) didn't even budge even though BKX got spanked on Friday. This implies money is comfortable in Banks as even Bloomberg had a nice article on interest rate cut play to be made in financials and hence Banks. We shall soon find out. BKX barometer is BEARISH for tomorrow. Money Market levels back above 1.4 Billion and those who follow MITA rydex daily updates know for me this is oversold territory. Above 1.6 Billion in cash is double oversold. Approaching BULLISH. NDX Long OTC is one day away from setting a new 52 week low in total assets. *********************** Strategy: I am 100% Short SPX URSA for tomorrow. If tomorrow is another smart down day I will most likely lock in profits and move to either XAU Precious Metals or some form of long position as the second trading day of the new year is one of the top three trading days for the probability of the market (SPX) closing up. However, last year the second trading day spanked the longs hard I remember it well I played it long. Maintain full flexiblity for tomorrow is a key read day for the market. I will post in the last hour of trading which direction I intend to move prior to cut-off. Happy New Year and Prosperity to All in 2001. Best Regards, J.T.

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