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: pallmer who wrote (9086)	11/11/2003 8:47:36 AM
From: pallmer	Read Replies (1) \| Respond to of 29602

Daily Report November 11th, 2003 Dear Member, -Stock Indices: Nasdaq Comp, DJI, S&P500 The awaited consolidation has started. For now, we will work only a short term correction to the support levels of 1920/1915 for the Nasdaq, 1043/1041 for the S&P500 and 9680/9620 for the Dow. Even if the general technical configuration could be a top, the confirmation is not yet there. We wait for a break in the support levels of the wedge at 1890 for the Nasdaq, 1020 for the S&P500 and 9500 for the Dow to confirm this. For the formation of the wedge, the markets every time have nullified the reversal formations and the medium term objectives to 2050/2080 for the Nasdaq, 1080/1100 for the S&P500 and 10000/10200 for the Dow have not been achieved. Nevertheless before such a situation, whither a top or a last upward leg before a top, the strategy remains to turn the portfolios into cash and to trade for the short term. We will see at the support levels, defined higher, which the signals are sent by the markets. The short resistances are at 1856/1865 for the Nasdaq, 1053/1056 for the S&P500 and 9820/9840 for the Dow. For the sectors, the Semiconductors (SOX) and the Defense (DFX) have confirmed the reversal short term formations. These two sectors do not have a formation of a wedge, they are in an overbought territory and have moved far away from their 27 day moving average. It is the rendezvous level. The short term plays are to be made from the short side for the next three days; from 510 to 480 for the SOX and from 182 to 178 for the DFX. For the Veteran’s Day, the bonds are closed and there is nothing to expect for today. Maybe a test of the short term resistance at 1856/1885 for the Nasdaq, 1053/1056 for the S&P500 and 9820/9850 for the Dow before the continuation for the correction