Rydex Total Assets Update for Friday, March 2nd 2001
Regular Series:
SPX Long - NOVA 345.8 Million**near new 52 week low
SPX Short- URSA 239.8 Million
NDX Long - OTC 1,411 BILLION**new 52 week low
NDX Short- Arktos 82.2 Million
XAU Precious Metals 51.4 Million
Banking 63.7 Million**3 month low
Biotechnology 432.3 Million
Money Market 1,412 BILLION**oversold
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Dynamic Series (200% correlation)
SPX Long - TITAN 81.8 Million
SPX Short- TEMPEST 29.0 Million
NDX Long - VELOCITY 130.1 Million
NDX Short- VENTURE 34.9 Million
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At the October 8, 1998 lows, when the SPX closed at SPX 959.44, TA in the SPX NOVA Fund totalled 371.7 million. TA the day before and after booked 462 and 408 million respectively.
Today, SPX Long NOVA total assets have closed below the 98 low TA levels for the 4th day in a row... all below 350 million TA. At the very least, this sentiment indicator as a stand-alone supports a strong counter-trend up move. This is further bolstered by the extreme oversold levels the SPX 5 day rsi has been experiencing lately. Friday, the SPX 5 day RSI closed above double oversold levels at 22.94. BULLISH.
I am looking for a move back to SPX 1,272 the 13 day MA an the intraday high set on Feb 27 over the next few days. The 25 day MA would take us to this SPX 1,308 level... the last close above SPX 1,300 on Feb 16 at SPX 1,301.53 SPX closed at SPX 1,234.18.
Low BKX TA and BKX right above oversold levels add to the mix. Look for a move back to BKX 920 the 25 day MA on the BKX right underneath prior previous support Feb 8 - Feb 21. We are building on higher lows BKX 869 for 3 days and now BKX 878 the last 2 days.
charts-d.quote.com:443/983773733550?User=demo&Pswd=demo&DataType=GIF&Symbol=INDEX:BKX.X&Interval=60&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10&BgColor=0.255.0&TBgColor=0.255.0
My targets remain in tech:
COMP is going to COMP 2,550 intraday high in this counter-trend bounce in the next week or two.. That equates to NDX 2,370 area.
Regular Series: 100% Long NDX OTC
Dynamic Series: 100% Long SPX TITAN
Best Regards, J.T. |
