Market Swing Discussion: Don Sews Chat Room Notes and Recaps
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Posted by Nikko_thyme on Monday, December 09, 2002 - 9:47 pm:
Chat Notes: 12/09/02 8:30 PM
Weekly Signals : Are still working off of the previous SELL signals.
Daily Signals :
NAZ, NDX, SOX : CLASS 1 BUY
DOW, RUT, SPX, OEX : Borderline CLASS 1 BUY, (were very close to CLASS
1 BUY)
Capitulation Indicator : OVERBOUGHT
There were also many Marazubo's which is a common reversal signal,
especially when they line up with CLASS signals.
The NDX has reached the Fibonacci 38% retrace area which was at 1021.
Donald is not expecting a big move up, and will add to shorts when his
signals reach the mid range.
The first resistance levels Donald is watching is the gap on the NDX
at 1088, then at the Island pattern mid point near 1122, then finally
the Islands top at 1156.
Gold has been moving higher, but now may have a pull back, after
having reached a CLASS 1 SELL signal. Donald is longer term bullish on
Gold.
The USD could be in a major down trend.
Donald closed more shorts today, leaving about 3% open. He is also
holding a small, long option position (25% of a 10% position). |
