Rydex Total Assets Update for Thursday, October 25th 2001:
Regular Series:
SPX Long - NOVA 263.1 Million**BULLISH
SPX Short- URSA 259.1 Million**BULLISH
NDX Long - OTC 942.2 Million**Highest close since 8/31
NDX Short- ARKTOS 77.2 Million**Lowest close since 8/27
XAU Precious Metals 33.5 Million**BULLISH
Energy 40.4 Million**BEARISH
Banking 33.0 Million**BULLISH
Biotech 378.4 Million**BEARISH
Money Market 1.200 BILLION**Matches Lowest Close since 8/24
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Dynamic Series (200% correlation to Index)
SPX Long - TITAN 133.6 Million**BEARISH
SPX Short- TEMPEST 120.0 Million**BULLISH
NDX Long - VELOCITY 187.1 Million**BEARISH
NDX Short- VENTURE 85.2 Million**BULLISH
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Huge intraday reversals across the board.
1)The DOW hit an intraday low of DOW 9,177 down 168, before reversing nearly 268 points to close up 127 at the top tick @ DOW 9,462.90.
2)SPX hit an intraday low of SPX 1,065.64 down 20, before reversing 35 points to close at the top tick to close at SPX 1,100.09.
And the beat goes on...
Tomorrow + 1 day carryover, we approach cycle highs and near term top as we are above double overbought levels on tech ala COMP, NDX, MSH, PSE, DOT et al. DOW and SPX are barely above overbought levels.
Rydex TA confirm we are near a S.T. Top as MM levels deplete and if tomorrow closes Up - a high probability given today huge reversal, MM TA level may get below 1,130 Billion on a solid up day which then gets into Bearish territory. Moreover, SPX Long TITAN TA spiked up which only reinforces this theory of imminent pullback most likely beginning no later than Monday.
We simply need to work off this froth and it is getting too easy to be Long in here.
I am looking for an intraday high around SPX 1,120, and DOW 9,570 before digesting gains for a day or two.
XAU up for the third day in a row up 89 cents to close at XAU 53.23. JSE closed up 15 to close at JSE 1,317.50. In both the JSE and XAU we have a series of Lower highs:
JSE XAU
Date Close Date Close
10/08 1,382 10/02 59.15
10/18 1,328 10/05 57.97
10/25 1,317 10/17 56.19
10/25 53.23
Tomorrow, I believe, we begin the last slamdown in gold and gold stocks into the full moon on November 1 +/- 1 trading day. If my premise is wrong, and gold stocks decisively move higher tomorrow, JSE must close above 1,328 as a lead indicator with XAU moving above today's intraday high @ XAU 54.21. For the record, NYSE spot gold closed up $1.90 to close at $276.90.
Rydex, if the market complies with my bidding, I will be looking to lock in gains on a solid up day tomorrow in SPX Long positions and potentially move into NDX Short for a trade.
Regular Series: 100% SPX Long NOVA
Dynamic Series: 100% SPX Long TITAN
Best Regards, J.T. |
