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To: lurqer who wrote (9113)	11/11/2002 6:28:34 PM
From: stockman_scott	Respond to of 89467

The Ord Oracle...What to expect now... marketweb.com <<...What to expect now. November 11, 2002... There are several things we are looking at for the intermediate term and the short term. For the intermediate term, on November 4, the SPX broke the previous high set on September 11 on increased volume. This condition is a bullish sign for the intermediate term, it suggest the September 11 high will be exceeded at some point. For short term, Friday the SPX closed below the previous highs set near the 905 level and this previous support will now turn into resistance. Support now lies near the previous lows near the 870 level, which the SPX came close to touching this level today. As long as this support area is tested on light volume, then the 870 support should hold. Tomorrows trading will be a true test if this short-term support at the 870 level will hold. If the 870 area does hold, we will look for a short-term bounce to the 905 level then down again after that. The SPX is probably in a trading range until Thanksgiving with an ultimate downside target near the 855 level. The 855 level may be where the next intermediate term rally begins. A short-term trade to the long side may set up near the 870 in the next day or so for a bounce to 905. Flat for the moment. GLW did have a bullish break out last week and now has pulled back to support near the 2.30 level. We are long from 2.33 and have an upside target to 2.80 and possibly more and our stop is 1.90. GLW closed today at 2.16. A source to get put/call ratios and VIX readings on many index's including the QQQ is an excellent site called hamzeianalytics.com. The NDX also broke above it's previous highs of August 22 and July 22 on increased volume and suggest the intermediate term trend is still up. However, the short term trend is down. Support lies at the previous high set on September 11 near the 975 level. This area was tested today and volume was light and a bullish sign. Volume on this pull back has been light starting from the previous high set on November 6 and a bullish sign for the intermediate term. There are several support areas lower as well and we don't know which one will be the next intermediate term low low. This consolidation may last into Thanksgiving also. We are bullish intermediate term will be looking for the next intermediate term low. Flat for now. We bought part of a position in BGO (10/29/02) at 1.10. There is still a chance that BGO could pull back near the .85 - .80 level before bottoming. There are cycles for a turn that come in late November and late January. We don't know the cycles will represent a high or low. However, most gold stocks we follow traded above their previous highs set back in 1998 in early June on higher volume and that implies though highs will be broken eventually. Near term the question is, when will this consolidation end that started from the June highs? Most likely at either the late November or late January cycle. DROOY (we are long from $1.06). We sold ECO at 1.12 on (9/30/02); (we were long from .92). The graph on HL (long from 1.04) is not what we like to see and therefore we sold this position on 9/23/02 at 3.90 for a 375% gain. We remain bullish on gold stocks for long term...>>