Stock Attack II - A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack II - A Complete Analysis

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To: Chris who wrote (8593)	6/5/2001 6:28:07 PM
From: donald sew	Read Replies (2) of 52237

JUN 5 INDEX UPDATE ------------------------ Short-term technical indicators: DOW - CLASS 2 SELL SPX - overbought region OEX - overbought region NAZ - overbought region NDX - overbought region USD - midrange VIX - CLASS 1 BUY(inverse to market) Per my short-term technicals, the overall market in in the short-term overbought region. If the market continues up the SPX/OEX/NAZ/NDX would become CLASS 2's tomorrow and CLASS 1's on THUR, and the DOW would become a CLASS 1 tomorrow. So its implying that a short-term top should arrive WED/THUR. The VIX is giving a firm CLASS 1 BUY signal(sell for the indices), so that is a hint that tomorrow has a chance of being a SHORT-TERM TOP. For the forthcoming short-term pullback, I am not expecting a large pullback since we are approaching expiration week(8 days away). So Im just expecting that the market will trade within the normal MAX-PAIN BUFFER(+/-20 OEX points, +/-5 QQQ points) However, as mentioned previously, if some of the major indicies cannot set a HIGHER HIGH during this immediate short-term upswing, such would be in line with the formation of the RIGHT SHOULDER of a HEAD & SHOULDER. So a time of CAUTION could be right after JUN's option expiration(week of JUNE 18). In my personal mutual fund account I took some profit by closing a few UOPIX position, where Im now about 85% cash and unhedged. I also closed the DJX JUN 110 CALLs at 1.95 for a 50% gain. Still holding onto my small cap and biotech which are a little profitable. Most likely I will not go short until the middle/end of next week in light of the possibility that the week after expiration being significantly negative(possible HEAD & SHOULDER).

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