Posted by: augieboo
In reply to: None Date: 7/11/2002 2:21:20 AM
Post # of 1924
A few charts with my comments, (for what it's worth).
First, the Summation Indexes for the NAZ (NASI) and the NYSE (NYSI):
These indicators don't mess around. They pretty much have three positions: [1] Overbought; [2] Oversold; [3] Other. Right now they are both in Other, headed for Oversold. If the NASI (in particular) gets down below the -1000 level and reverses, we could be in for a really nice pop, IMVHO.
New lows on the NASDAQ. Seems to me this one went in the wrong direction today, i.e., I'd say we aren't quite in the midst of a rally yet. (In case you hadn't noticed.)
Here's the buck, for what it's worth, which isn't nearly as much as it was, (internationally speaking, at least), a few weeks ago.
Ah, the VIX, and its sexy little cousin, the VXN, (ViXeN, get it? Ha-ha-ha.) The VIX hasn't been up this high since September, and the VXN is hanging out in a region where it hasn't been since October.
Bullish Percentages:
I find the BPSPX, (that's Bullish Percentage, S&P500 for you newer folks), very, very interesting right now, because for the longest time it seemed that the BPs of the broad indexes were NEVER going to move down. Now, all of a sudden, the BP of the mighty SPX is diving for the oversold line like it was the goal line at the superbowl.
BPCOMPQ (BP of the Nasdaq Composite Index), is now lagging behind the BPSPX, which I find rather strange. On the other hand, it could catch up very quickly, given the right circumstances.
BPNDX and BPOEX, (the BPs for the NAZDAQ 100 and the S&P 100). These two are just hanging out in Oversold, waiting for their more broadly-based big brothers to catch up.
What's it all mean? Beats me.
What do I predict for tomorrow, i.e., Thursday, July 11?
I predict that the markets, will open up and/or down and/or sideways, will then move up and/or down and/or sideways throughout the day, and will close up and/or down and/or sideways from where they opened. |
