"The Sunny Side of the Street"

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CHARTS OF INTEREST FOR THIS COMMENTARY
QQQ     ABX   UNH
     
         

NOTE: As a Platinum Zone member, you may call Sunny at (760) 930-1050 if you have any questions about terms used herein.

Commentary

WEDNESDAY NIGHT 9/11/02

We were both thankful for and saddened to see the commemorations of "911" today around the countryside.  And once again, thankful that nothing new transpired.

Yesterday we thought the Dow would make 8647--and it did us one better.  The Dow nearly made it to the next attractor at 8743.  In fact, the Dow posted a high at 8726.76 by our datafeed.  Of course, it once again did the bad scuba diver trick and dipped right back down closing the day lower than it started.

In the meantime, there was plenty of profit for those Platinum subscribers who took our Alert to get out today--right at the high on the QQQs.  At 8:39aPT this morning we issued an alert to take the profits and run!  The market did nothing but move downward for the remainder of the day.

We also went long WMT when the market opened, only to close it for a loss when it hit the Bollinger Band midline basis the 15-minute chart.  As for MMM, it still looks like a play on the long side for 129.+

QQQ

Yesterday we thought the QQQ would "move tomorrow morning to pop up and over that (23.75 resistance) line and head straight for 24.36."  Indeed, it did just that this morning.  It went, in fact, to a high of 24.35 before turning and backing off.  [ ! we were 0.01 off of perfect]

In the meantime, there was plenty of profit for those Platinum subscribers who took our Alert to get out today--right at the high on the QQQs.  At 8:39aPT this morning we issued an alert to take the profits and run!  The market did nothing but move downward for the remainder of the day.

ADPT

Still looks to be in pennant formation, and in a bottoming formation at that.  Buy a breakout above 6.26 and sell below 5.76.  A breakout to the upside should climb to 7.11 before pausing too much.

STI

We remained happy with the 2.02 rise this stock gave us Monday, and did not get back in this stock for another ride.  It does look, however, to be forming another pennant formation, given one more inside day tomorrow.  If so, then we'll buy any breakout above 68.65.  Don't hurry, though--wait for a compelling reason to buy. 

ABX

ABX just formed a 3-day pennant with its breakout bar and is now positioned for that move to 18 we were expecting.  Keep stops in place at 16.20 just in case the move is down instead of up.

UNH

UNH is still on its steady climb toward 91.50, although it didn't make much progress today.  But, the good news is that it kicked around sideways all day forming a candle whose body is higher than yesterday's.  With a stop beneath us at 87.95, we are going to hold onto this one for another day or two, unless compelled to do otherwise by (a) the stops, (b) the market, or (c) the model.

How Did We Do?
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