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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HammerHead who wrote (14196)	8/8/2001 5:19:48 PM
From: donald sew	Read Replies (5) \| Respond to of 52237

AUG 8 INDEX UPDATE -------------------------- Short-term technicals readings: DOW - borderline CLASS 2 BUY SPX - borderline CLASS 2 BUY OEX - borderline CLASS 2 BUY NAZ - borderline CLASS 2 BUY NDX - borderline CLASS 2 BUY VIX - oversold region NAZ NET NEW HIGHs-LOWs - +17 5 DAY TRIN - 8.33 If the overall market continues down I would get at least an intraday CLASS 1 BUY signal as early as tomorrow. As mentioned yesterday, the DOW/SPX/OEX was setting up for a 3-DAY PATTERN, which worked quite well today. Since early JULY the DOW has been forming a bearish pennant, and the lower trendline of that pennant was broken to the downside. The SOX was down 4.90%, so it is leading the the NAZ/NDX to the downside. As mentioned previously, it was interesting that the SOX could not lead/boost the NAZ/NDX to the upside during the previous upswing, but is leading to the downside. The 5 DAY TRIN has closed 3 days in a row over 6.00, which is implying that a rally/bounce should be coming soon. My readings on the VIX is a little out of line with the indices since it would take 2-3 days to get a CLASS 1 SELL signal(buy signal on the market) while the indices are hinting that we could get CLASS 1's as early as tommorow. Not sure what to make of it right now - so will be watching it carefully. I close about more than half of our short positions in both the website account and my personal mutual fund account. Not that I think that the market will bounce strongly, just like taking some profits, and holding the rest for some more possible downside. I have no long positions yet. Overall, the break of the PENNANT in the DOW is quite negative, so Im suspecting that the forthcoming rally should not be that strong. My postion on the NAZ NET NEW HIGHs-LOWs remains the same as per yesterdays index update. seeya