Rydex Total Assets Update for Tuesday, February 5th, 2002:
Regular Series:
SPX Long - NOVA 225.0 Million**BULLISH Inversion
SPX Short- URSA 289.0 Million**BULLISH Highest Close
Since 10/08/01
NDX Long - OTC 851.0 Million**BULLISH Lowest Close
Since 10/30/01
NDX Short- ARKTOS 146.8 Million**BULLISH
RUT 2000 - MIKROS 45.4 Million**BULLISH
XAU Precious Metals 86.0 Million**BEARISH Highest Close
Since 10/08/01
XOI Energy 17.6 Million**BULLISH
OSX Energy Services 22.8 Million**BULLISH
BKX Banking 18.1 Million**BULLISH
BTK Biotech 260.3 Million**BULLISH
Money Market 1.581 BILLION**BULLISH Overbought
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Dynamic Series (200% correlation to Index)
SPX Long - TITAN 90.6 Million Inversion
SPX Short- TEMPEST 162.9 Million**BULLISH Near All Time Highs
NDX Long - VELOCITY 167.9 Million**BULLISH Lowest Close
since 10/31/01
NDX Short- VENTURE 234.4 Million**BULLISH All Time Highs
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From last nights Update:
...XAU goes parobolic as it has books its highest close XAU 65.25 since May 21st, 2001
If it takes out XAU 66.55 tomorrow, XAU 68.10 area is within reach and will take XAU above quadruple overbought levels before profit taking will come in.
We opened exactly on stated resistance XAU 66.55 a full 1.30 higher than the previous close and hit an intraday high within 6 cents of stated intraday high target XAU 68.10 (XAU 68.04 intraday high) as XAU closed at XAU 67.83 up another $2.58.
But this projection doesn't do me diddly squat as I remain on the fence waiting for the pullback which should begin in earnest tomorrow, latest by sometime Thursday. XAU 5 day RSI still below quadruple overbought and any XAU intraday print above XAU 70 will take it above 95 RSI level heading towards quintuple overbought. Haven't seen those levels since 9/21 but in reverse (oversold) on the downside for the DOW, SPX and others.
XAU first gap will get at least partially filled within three trading days XAU 62.80 - 63.62. Other gaps beneath this level are XAU 61.33 - 61.69; and XAU 58.57 - 58.62.
The only Melt-Up to materialize during this mercury retrograde which comes to a close on Feb 8 has been in gold and gold stocks...
Triple whipsaw action today Down Up Down action which should culminate tomorrow, latest sometime Thursday before we launch the countertrend bounce.
The DOW support has good elasticity as DOW closed at DOW 9,685 and well above my DOW 9,460 death row support. This is also reinforced by the DOW 21 day 3 1/2 % exponential trading band which resides at DOW 9,490. With SPX close today at SPX 1,090 after intraday low of SPX 1,082.58(double bottom), I am growing more confident that SPX 1,060 area will hold quite firm in this cycle low which either concluded today or possibly sometime tomorrow.
SOX closed down another 4 + points to close at SOX 540.92. Once the SOX gets in gear starting tomorrow, latest Thursday I am looking for what type of resistance it is gona have once it hits SOX 563. Once SOX 565 is out on a close, it will zone in on SOX 600 within two trading days.
Regular Series: 100% Long NDX OTC
Dynamic Series: 100% Long SPX TITAN
Best Regards, J.T. |
