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Strategies & Market Trends : Galapagos Islands
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To: Jorj X Mckie who wrote (1217)9/17/2002 10:18:52 PM
From: Challo Jeregy  Read Replies (1) of 57110
 
don't know if you saw this -

Chat Notes 9/17/02 8:30 PM

Monthly Signals:

SOX: Inter-month CLASS 1 BUY

All other indices are trailing behind the SOX.

Weekly Signals:

All indices are in the LOWER MIDRANGE/OVERSOLD area.

Daily Signals (Closing Basis)

NAZ, NDX: Borderline CLASS 1 BUY

DOW: CLASS 2 BUY

OEX, SPX: Borderline CLASS 2 BUY

SOX: CLASS 1 BUY

VIX: UPPER MIDRANGE/Nearing OVERBOUGHT

VXN: OVERBOUGHT

USD: MIDRANGE

HUI: MIDRANGE/LOWER MIDRANGE

If the market continues down tomorrow and closes at the lows the signals
could line up as CLASS 1 BUY's, which would be a more reliable reading.

Donald is not anticipating a large rally.

Donald noted how the market internals are deteriorating.

Donald covered just over 1/2 of his short position, leaving him with an 18%
short position.

The Capitulation indicator has a reading of 4.7, but still has room to move
up. In July it reached 5.9.

I might add - Donald said he would only go long if the markets closed at their lows tomorrow.
He thinks it will be a fib retrace rally, not big. Could even be a one day affair. He doesn't think max pain will dictate targets because many have been hit already. It will be a rally to sell into.
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Interestingly, the sox closed today on a trendline set from the 96 lows and 98 lows.
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