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To: Les H who wrote (623)	9/10/2001 7:46:41 PM
From: Les H	Read Replies (1) \| Respond to of 29596

What to expect now. September 10, 2001. Ord. Today the SPX tested the March 22 bottom on lighter volume and closed above it, drawing a bullish "Spring". The volume on the NYSE on March 22 was 1.73 billion shares. Today's volume was 1.35 billion shares. A test of a previous low on at least a 10% decrease in volume is a bullish occurrence. The "CBOE total put call ratio" closed today at a bullish 1.01. The Last Time this ratio was this high was on March 16 (1.07), four days before the March 22 low. The "5 day ARMS" has stayed in the bullish range (6.00 and above) for the last seven days. In candlestick charting on the September S&P, a bullish "Piercing pattern" was drawn. There could be a re-test is a couple days, but the re-test should not break today's low. We are long the SPY at 109.60 with a stop at 107.60. Our upside target is the 116 level. We are also long the SPX at 1092.54 for mutual fund purposes on today's close. In candlestick charting on the NDX today, a "Bullish Engulfing" pattern was drawn. This may mark the end of the short-term downtrend. We did some volume studies on the Nasdaq volume and the QQQ volume. The Nasdaq volume studies have a bullish bias. The QQQ volume studies have a bearish bias. Both of these indices are at support at their channel lines. The "5 day ARMS" index on the NDX is in bullish territory closing yesterday at 7.87. A bounce will probable materialize from here, but it is not a high confidant trades. We are staying flat. Gold for short term is in a minor downtrend. This down trend may be near an end. It is worth noting that the longer the sideways trend the stronger the rally will be when it begins. This condition is called, building "Cause". The Month chart on Gold remains bullish and we are holding long the XAU. marketweb.com