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: dennis michael patterson who wrote (8678)	6/6/2001 7:02:40 PM
From: donald sew	Read Replies (3) of 52237

JUNE 6 INDEX UPDATE ---------------------------- Short-term technical readings: DOW - overbought SPX - upper midrange OEX - upper midrange NDX - upper midrange NAZ - upper midrange USD - overbought region VIX - pending CLASS 1 BUY(inverse to market) 5 DAY TRIN - 6.88 Per my short-term technicals the overall market is in the upper midrange, and there were some clues that FRI/TODAY was a short-term top. The VIX gave a CLASS 1 BUY signal(inverse to market) yesterday and it moved upwards timely. However the 5-DAY TRIN still has a reading of over 6.00 which implies buy territory - I can only guess that the high reading in the 5-DAY-TRIN may be option related. Mentioned earlier today that the RUT had a 3-WHITE SOLDIER which is bullish and implies HIGHER HIGHs. It is common that after the 3rd day of the 3-SOLDIERS the index could pullback some before the rally continues. This is a bullish development, keeping in mind that we also have many HEAD & SOLDIERS(bearish) developing at the same time. Mixed signals here and I AINT PREDICTING. As mentioned previously, I am not expecting a strong short-term pullback in light of option expiration in 7 days, so I suspect that the overall market should trade within the commom MAX-PAIN BUFFER(OEX=+/-20pts, QQQ=+/-5pts). In both our website and personal mutual fund account, we closed some more UOPIX positions(long-NDX). In my account I now only have a small unhedged UOPIX position and 95% cash. In my trading account only have the small-cap and biotech, which are still slightly profitable, and plenty of cash there also. Many months ago I opened a XLK JUNE CALL position which most likely will become worthless. Oh well, cant win them all.

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