Rydex Total Assets Update for Tuesday, January 30th, 2001:
Regular Series:
SPX Long - NOVA 535.1 Million**1 month high**
SPX Short- URSA 193.8 Million**new 52 week low**
NDX Long - OTC 2,211 BILLION
NDX Short- Arktos 56.1 Million
XAU Precious Metals 47.1 Million
Banking 91.4 Million
Biotechnology 467 Million
Money Market 854 Million
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Dynamic Series (200% correlation)
SPX Long - TITAN 137.8 Million
SPX Short- TEMPEST 15.4 Million
NDX Long - VELOCITY 243.2 Million
NDX Short- VENTURE 37.3 Million
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1) Banking TA still well off the high suggests we will get that kamikaze assault to BKX 1,000-1,005 intraday high over the next two days before another pullback to relieve deep overbought conditions.. It is possible you will witness 5 day RSI levels smartly above 88 and into the low to mid 90's.. Above triple overbought conditions... a rarity...BKX closed at BKX 968.16 up 10 points another all time high. 5 day rsi at 82.46. BULLISH for another day thanks A.G.
2)NOVA/URSA relationship closing in on 3/1 ratio. Let's see if A.G. delivers 50 basis point cut with accomodating wording for March FOMC meeting and further cuts or the low probability 75 b.p. cut.. If the market does close near session highs tomorrow and the market is all hot and bothered into a buying frenzy... 3/1 ratio will be slam dunk at days end reading. Regardless, the rally should be sold into strength and not bought into. We are near that short term top. SPX 1,400-1,410 intraday high upside coupled with NDX 2,958-2,972 intraday high upside if it is indeed a melt-up.
If it is buy the rumor sell the news trap as has so often been the case day of/after the announcement rydex numbers will not hit 3/1 Long...
3)XAU closed up a buck and is back at the north end of the now 3 day hanging island. XAU closed at XAU 48.52. Look for good follow thru tomorrow as 2 of the recent anchors in the index- PD and NEM have bottomed and turned up smartly. I believe that upside gap is gona get filled in the next 2-3 trading days XAU 51.55- 51.99.
Thanks to prodding of da cheif, I am as of tonight keeping track of the Johannesburg JSE All Gold Index as it is more a pure play on gold - no copper and much less unhedged gold stocks like GOLD, HMCGY etc that are not in the XAU. The JSE closed at JSE 906 and is in a flag position off the high close of JSE 940 on Jan 23rd after breakout from JSE 862 close on December 20th... A breakout thru 940 will take it to JSE 980 - 1,000 like a magnet and will confirm the XAU breakout if it is to materialize in the nearterm.. Odds are, it won't until/unless that lower gap still gets filled XAU 47.52- 47.70. Better sooner than later to give it a chance for a clean break-out later that won't falter.
Spot gold closed up $3.10 an ounce to $265.60. The worm turns...
Position: Still 100% Long XAU Precious Metals
Best Regards, J.T. |
