Rydex Total Assets Update for Monday, May 6th, 2002:
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Money Market 1.703 BILLION**BULLISH Double Overbought
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Regular Series: (100% Correlation to Index (Nova 150%))
SPX Long - NOVA 209.5 Million**BULLISH
SPX Short- URSA 291.6 Million**BULLISH
NDX Long - OTC 611.1 Million**BULLISH Triple Oversold
New 3 1/2 Year Low
NDX Short- ARKTOS 147.8 Million**BULLISH
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Dynamic Series: (200% correlation to Index)
SPX Long - TITAN 103.6 Million**BULLISH
SPX Short- TEMPEST 181.2 Million**BULLISH
NDX Long - VELOCITY 137.0 Million**BULLISH Double
Oversold Lowest TA Since 10/18/01
NDX Short- VENTURE 245.2 Million**BULLISH Double Overbought
Sector Funds:
XAU Precious Metals 80.9 Million**S.T. BULLISH
XOI Energy 39.8 Million**BULLISH
OSX Energy Services 82.9 Million**BEARISH Overbought
BKX Banking 49.7 Million
BTK Biotech 163.7 Million**BULLISH Triple Oversold
Near 3 1/2 Year Low
RUT 2000 - MIKROS 123.7 Million**BULLISH
RLX Retail 26.2 Million**BULLISH Triple Oversold
Telecommunications 5.2 Million**BULLISH Double Oversold
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Message 17418373
Once BKX sliced up BKX 871, it was lights out for the Bulls today and the acceleration kicked in:
charts-d.quote.com:443/1020745207330?User=demo&Pswd=demo&DataType=GIF&Symbol=INDEX:BKX.X&Interval=1&Permission=395070&Ht=400&Wd=600&Display=0&Study=RSI&Param1=5&Param2=&Param3=&FontSize=10
BKX closed at BKX 863.55. And with it, BKX dragged down SPX taking out SPX 1,060 to close at SPX 1,052.67 down 20 smacks. If BKX 858 intraday gets pierced tomorrow morning, it will melt down to BKX 835-840 before SPX reverses back up. If we get down to BKX 835 area, SPX intraday low equivalent is SPX 1,036 - 1,038.
However, the market is set-up for a minor multi-swing reversal day that will be less than impressive and unbelievable. That is, we could have a 1 day false break close below SPX 1,060 today with a lower intraday low but reversal and close back above SPX 1,060 tomorrow. This will set the stage for the commencement of the early summer rally within the next week.
DOW is again testing the bottom of the 21 day 3 1/2 exponential trading band which acts as a support buffer where reversal is imminent. The theoretical low could get breached tomorrow which is around DOW 9,730.
NYSE Member boyz now 10/11 weeks in a row in the accumulation department and with three more weeks of the same will match the same record level of accumulation into December 1994 before the market launched in 1995 and beyond. Public continues to short at record levels and has been consistently shorting above the specialists every week since the first week in January. When the public starts doing the work of the specialists, that is shorting stock, to maintain an orderly market buy imbalance, it is the public wearing the zootsuit and the specialists who are now in accumulation mode and buying stock the public doesn't want.
Counter-trend rally launch begins anew again within the next few trading days.
Regular Series: 100% Long NDX OTC
Dynamic Series: 100% SPX Long TITAN
Best Regards, J.T. |
