Rydex Total Assets Update for Monday, January 29th, 2001:
Regular Series:
SPX Long - NOVA 524.0 Million**1 month high**
SPX Short- URSA 196.6 Million**new 52 week low**
NDX Long - OTC 2,216 BILLION
NDX Short- Arktos 56.6 Million
XAU Precious Metals 43.7 Million
Banking 85.8 Million
Biotechnology 502 Million
Money Market 810 Million**new 52 week low**
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Dynamic Series (200% correlation)
SPX Long - TITAN 148.7 Million
SPX Short- TEMPEST 14.0 Million**1.3 month new low
NDX Long - VELOCITY 240.5 Million
NDX Short- VENTURE 32.4 Million
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We are banging on new all time highs in both Dynamic Long SPX TITAN (jan 10th - 151.1 million)and NDX VELOCITY TA (jan 23rd - 263.3 million) suggesting we are within a near-term top next 1-2 days. BEARISH
Money Market new 52 week Low. BEARISH
Notice Rydex NOVA/URSA now moving ever so closely to that dangerous 3/1 ratio long over short.
We anticipated this movement in TA in Fridays Rudex update- MITA 6,328:
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...<SPX action today Bullish as it closed well off the lows only down less than 3 points. Look for NOVA/URSA TA(540/180) to now assault a 3/1 ratio long over short for at least 1 day before a pullback.. SPX 1,400 test is on deck. We closed at SPX 1,355.
NDX will close that gap NDX 2,958-2,972 set on December 11-12 dead ahead. We closed at NDX 2,631.78. Then another pullback. NDX short Arktos below 50 million TA... book it..
Look for Money Market levels to close in on new 52 week lows below 800 million in TA... Then a pullback>...
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This suggests that we could have a 1-2 more upside days maximumand it looks as if these targets from friday are a little optimistic in this cycle high SPX 1,400 intraday high and NDX 2,958-2972 gap intraday high before turning back down.New target is SPX 1,385 and NDX 2,840 intraday high before we turn back down. SPX closed at SPX 1,364 and NDX closed at NDX 2,694. Sentiment levels clearly overbought and are leading the read over 5 day rsi levels.
I am going to look to sell INTC into strength b/w 38 1/2 -39 1/4 over the next 2 days. INTC closed at 37 1/16.
QCOM I already mentioned I will sell b/w 88-90. QCOM closed at 86 13/16.
MOT I will put a 24 7/8 open GTC order to sell.
Hold TXN for now.
I will look to buy more NEM at 14 7/8. NEM is approaching double oversold levels at 21.43 5 day rsi...I will now diversify my gold stock purchases to HGMCY to 4.75 MDG to 6.12 and TVX to 1.75...
mike - forget stops on NEM right now already at double oversold levels. NEM 14 1/4 intraday low a small possibility.. If it gets there I would buy more.
Position: Still 100% Long the XAU Preious Metals like a stubborn mule.
Best Regards, J.T. |
