Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : News Links and Chart Links -- Ignore unavailable to you. Want to Upgrade?

To: Les H who wrote (2037)	6/2/2002 10:58:49 AM
From: Les H	Respond to of 29594

Too late for small and mid caps? leggmason.com

To: Les H who wrote (2037)	6/3/2002 7:25:56 PM
From: Les H	Respond to of 29594

What to expect now. June 3, 2002. Ord. The S&P may be nearing a low. The S&P tested and broke the May 7 low near the 1045 area on lighter volume. The light volume indicates the break may fail. The "55 day ARMS" is at the level that was recorded at the September 21, 2001 low near the 1.30 level. The "5 day ARMS" closed today at 9.44 and in bullish territory. The "Percent Volume" closed today at a bullish .34. The McClellan Summation Index both on the S&P and NYSE is still trending down and implies the short-term trend is down. However, we expect that to change shortly. The Downtick readings have been recording bullish readings for the last several days. We don't have a bullish signal yet, but one may develop shortly. We are staying flat for the moment. STK (Storage Technologies) has a nice chart pattern and is re-testing the previous low set on February 25 near the 16.50 level on light volume. We bought this stock (5/24/02) at 17.25 to 17.85. First upside target is 24.50. The NDX is drawing a picture similar to the S&P. The "55 day ARMS" exceeded the previous low set on April 4, 2001 (an intermediate term low), closing near 1.75. The "5 day ARMS" closed today at 12.05 and in the bullish level of "12.00". The McClellan Oscillator on the NDX has not diverged yet but it appears likely that it will if the May 7 low is broken. The downtick readings have seen bullish readings for the last several days. A bottom may form near the May 7 low. We are staying flat for the moment. The Weekly and months charts on the XAU remain bullish. The monthly charts imply Gold is in a powerful "wave 3" up in Elliott Wave terms. Volume has been outstanding on the Gold stock rally for the last six months and show great force to the upside. High volume rallies are usually not the ending of something, but rather the beginning of something much bigger. Right now the 1999 high on the XAU near 93 is being challenged and we expect that high will be broke before any consolidation will begin. If the consolidation does begin above 93 on the XAU, then that consolidation will mark the halfway point of the next move up. We like Drooy (bought at 1.04), HL (bought at 1.04 and 1.40), BGO (bought at .89), ECO (bought at 1.20), AEM, and ASA. We are staying long XAU. marketweb.com