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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: James F. Hopkins who wrote (429)4/19/1999 9:38:00 PM
From: Smooth Drive  Respond to of 2103
 
Hello Jim,

Here's the EOD P&F QQQ chart:

114
112                                              X
110                                              4 O
108                                              X O
106                              X           X   X O
104                          X   X O         X O X O
102                          X O X O X   X   X O X O < HPF
100                      X   X O X 2 X O X O X O X O
99                       X O X O X O X O X O X O X O  
98                       X O X O X O X O X O X O X + < 2nd BLRL
97                       X O X O   O   O X O X O +
96                       X O X *       O X O X *
95                       X O X   *     O X 3 X   * 
94                       X O X     *   O   O       * < BRSL
93                       1 O X       *   +
92                       X O           *
91                       X           +   *
90                       X         +       *
89                       X       +           *
88                       X     +               *
87                       X   +                   * < BRSL
86                       X +
85                       X                       + < 1st BLRL
84                   X   X                     +
83                   X O X                   +
82               X   X O X                 +
81           X   X O X O                 +
80           X O X O X                 +
79           X O X O                 +
78           X O X                 +
77           X C                 +
76           X                 +
75           X               +                             
74           X             +                     + < BLSL
73           X           +                     +
72           X         +                     +
71           B       +                     +
70           X     +                     +
69 O         X   +                     +
68 O         X +                     +
67 A         X                     +
66 O       + X                   +
65 O     +   X                 +
64 O   +     X               +
63 O +       X             +
62 O X   X   X           +
61 O X O X O X         +
60 O X O X O X       +
59 O   O X O       +
58     O X       +
57     O X     +
56     O X   +
55     O X +
54     O +
53     +

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

Well the chart did drop down through 102, which created a High Pole Formation at that box. And, 80% of the time a HPF leads to a sell signal. (A HPF occurs when a column of X's exceeds the previous column of X's buy at least 3 -- and then gives up more than 50% in the ensuing column of O's.) I do look for the QQQ chart to generate a sell signal.

Decent horizontal support at 97 and 94. Trendline support from the 2nd BLRL at 98, the BRSL at 94 and a Revised BLSL at 97. Still long term bullish (trading above its BLSL) and short term bullish (on a double top buy signal that occurred at 104). Its bullish price objective is 118, but I doe'n thin so rinow. If we were to get a double bottom sell signal at 96, then we would have an incomplete bearish price objective of 82 (it would be incomplete until there was a reversal up).

QQQ BULLISH PERCENT CHART

The grand ole P&F Italian master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

72
70 X
68 X O
66 X O
64   O
62   O X
60   O X O
58   O X O
56   O X O
54   O X O
52   O X O
50   O X O
48   O X O
46   O X O
44   O X O
42   O X
40   O

This Bullish % chart is in Bear Confirmed risk status. (44% of the 100 stocks that make up the QQQ are on a P&F buy signal. And that means the other 56 are on sell signals.)

Take care,

Eric




To: James F. Hopkins who wrote (429)4/19/1999 10:57:00 PM
From: Compadre  Read Replies (2) | Respond to of 2103
 
Jim: With all due respect, I have to disagree to that one. I thought the same way back in October last year. The NDX went from 1144 intra-day low on Oct 8 to 2150 on Feb 1. If that is not straight up, what is?

I am calling for it to fall to 1865, and that's not too much to ask. We have seen something like this in Aug 31, 1998. That day the NDX dropped 125 points when it was around 1250. That is equivalent to 200 NDX points in today's market.

Regards,

Jaime



To: James F. Hopkins who wrote (429)4/20/1999 12:29:00 AM
From: studdog  Read Replies (1) | Respond to of 2103
 
Jim;
The short GE, long XLI strategy worked pretty well today:GE down 6% XLI up 1%. It sure happened faster than I thought. The real question is how long to expect this divergence to continue. Probably at least for tomorrow. Just think of the amount of capital lost with GE getting a 6% haircut. That kind of drop is so much more significant than YHOO down 20%.
If I was brave I would move my allocation of $GE short/$XLE long to 1.0. Right now its .5
Karl


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