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Strategies & Market Trends : Stock Attack II - A Complete Analysis
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To: donald sew who wrote (4591)3/31/2001 10:01:18 PM
From: Justa Werkenstiff  Read Replies (2) of 52237
 
Donald: Re: "The SOX closed at 545 and 515 has been KEY support for the SOX. The SOX has been a leading indicator for the NAZ/NDX for months, so with FRI's weak performance in the SOX there may not be that much of a rally in the NAZ/NDX right now."

Sox may be a leading Nasdaq indicator on any rally. See the January rally. But it has not been any kind of indicator for the Nasdaq on the way down. If the Sox had been the leading indicator for the Nasdaq for the past few months, then the Nasdaq would have been range bound like the Sox during that time. Instead, the Nasdaq has had another leg down and the Sox has just bounced along.

finance.yahoo.com^SOXX&d=3m&y=on

So, is the SOX about to rally and lead the Nasdaq up or is it about to follow the Nasdaq in a leg down with its close at general support on Friday? I don't know.

I do find it interesting, however, that the Nasdaq closed up on Friday but the SOX took a large percentage haircut. No leading Nasdaq indicator found in the SOX on Friday on a Nasdaq up day no less. Maybe it was all end of quarter related. But when was the last Nasdaq up day when there was a large (4.38%) decline on the Sox? I don't remember when that occurred last.

This is a very difficult market.
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