INDEX UPDATE
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Just rechecked all the indexes, and the whole NAZ is a CLASS 1 & 2 BUY with the buy-in day as today. The NAZ is still very strong in light of the DOW being down. As I indicated before, this pullback will not be strong and personally I would not play puts on the HiTech sector, unless one is extremely nimble. The NAZ should start pulling back tomorrow and could start as early as today. If it does start its small pullback it will help intensify the pullback for the overall market, but dont expect it to last long - maybe 1-2 days, thats all.
XAL - today it is one of the weakest indexes in the whole market. For those playing PUTS my first target is the 10 day moving average which is around 689. If it does get to 689 by tomorrow, I may initiate calls to form a strangle, but only if it gets there tomorrow. Where have you heard that before. ggggggg,
OSX - I had purchased the MAR 90's for 11.50. Of the non-hitech indexes it is one of the strongest indexes. I am seeing that the the OSX is going thru triangular oscillation, with the APEX at about 98-99. A surge should come after the OSX gets to the 98-99 range with a target time of 5-10 days.
The NAZ is still very strong today, and if the DOW closes flat or close to it whether positive or negative, it will form a HAMMER or DRAGONFLY DOJI, which both are good reversal signals.
Seeya |
