Rydex Total Assets Update for Thusday, June 6th, 2002:
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Money Market 1.744 BILLION**BULLISH Double Overbought
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Regular Series: (100% Correlation to Index (Nova 150%))
SPX Long - NOVA 216.6 Million**BULLISH Oversold
SPX Short- URSA 332.6 Million**BULLISH Double Overbought
NDX Long - OTC 598.5 Million**BULLISH Triple Oversold
Lowest Close Since October 1998
NDX Short- ARKTOS 145.6 Million**BULLISH Double Overbought
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Dynamic Series: (200% correlation to Index)
SPX Long - TITAN 107.5 Million**BULLISH Oversold
SPX Short- TEMPEST 207.9 Million**BULLISH Overbought
Near/at All Time Highs
NDX Long - VELOCITY 140.3 Million**BULLISH Double Oversold
NDX Short- VENTURE 233.2 Million**BULLISH Double Overbought
Near All Time Highs
Sector Funds:
XAU Precious Metals 118.0 Million**BEARISH Double Overbought
XOI Energy 27.3 Million**BULLISH Triple Oversold
OSX Energy Services 24.6 Million**BULLISH Quadruple Oversold
BKX Banking 37.2 Million**BULLISH Double Oversold
BTK Biotech 140.7 Million**BULLISH Triple Oversold
New 3 1/2 Year Low
RUT 2000 - MIKROS 41.4 Million**BULLISH Triple Oversold
RLX Retail 19.3 Million**BULLISH Triple Oversold
Telecommunications 8.8 Million**BULLISH Oversold
SOX Electronics 47.6 Million**BULLISH Triple Oversold
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Once BKX 858 got taken out early this morning the selling awas on and accelerated into the afternoon. I have stated numerous times any break of BKX 858 would lead to capitulation and take the BKX below BKX 840. This from May 3rd:
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To:Brian Atkins who wrote (12019)
From: J.T. Friday, May 3, 2002 11:07 AM
Respond to 12202 of 12598
Interesting BKX is still at BKX 884...but the other shoe could drop.. This type of market sell I would've thought BKX would be assaulting BKX 871 but no dice as of yet.
Below 871, BKX 858 take-out would fall like a stone to BKX 835-840 and before reversal.
If BKX 871 can not get taken out, the SPX damage will be limited.
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SPX got crushed closing down 20 to SPX 1,029. SPX 1,016 - 1,018 is now within reach maybe right out of the blocks or in the first hour hour of trading now that INTC has lowered.
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From Feb 5 MITA post 10,089:
If by chance we close below SPX 1,050(at this or some later 2002 date), capitulation will clearly unwind positions and we will head down to dead man zone SPX 1,016 - 1,018 before reversing hard back up. And it is quite conceivable we may need this kind of whiplashing to create the level of panic similar to 9/21 lows.
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I have no lower targets than SPX 1,016 - 1,018 close. This is setting ourselves up for the counter-trend reversal which will be the best opportunity to buy since THE BOTTOM September 21, 2001. And this will be the second higher bottom which will stick for a long time - possibly until the beginning of the end of the world manifests itself.
The DOW closed right above the bottom of the 21 day 3 1/2% exponential trading band and every time we get to the levels it has bounced and reversed.
With futures down Bears are chomping at the bit and all lathered up.
Regular Series: 100% Long NDX OTC
Dynamic Series: 100% SPX Long TITAN
Best Regards, J.T. |
