"The Sunny Side of the Street"
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NOTE: As a Platinum Zone member, you may call Sunny at (760) 930-1050 if you have any questions about terms used herein. CommentaryTHURSDAY NIGHT 9/12/02 Today was another of those impossibly dull, sideways days trading. Again, the Dow is down 200+ points, but it was almost all on the open. After that, price on the QQQ and the Dow just meandered around the Attractor, showing neither strength nor weakness. It was only after 11:45aPT that the market chose a trading direction and moved down another 20 Dow points. That's impossible to catch, so that's why I call it a dull trading day. There was nothing compelling us to hold last night in an overnight short position--the risk is just too great these days. The model went short at the open this morning, and is still short over-night tonight. But, personally I'm on the sidelines, leery of any overnight positions just yet. QQQDay before yesterday we were in long for the run up, and then took profits right at the high. We didn't go short, though with hindsight it looks to have been the right thing to do. Today we picked up only a few cents on the short move after 11:45aPT. By the model, we should be holding short overnight. I am still expecting the QQQ to move on down to the 22.26-22.44 range tomorrow, but I would rather try to take it on a daytrade. If we break below 22.70 with a little umph, let's try to take a short trade tomorrow (Friday) although it may once again be only for a few cents. The market just doesn't move like it used to. On the longer term chart (daily) our model is short, and it still looks like a bottoming formation to me. That's part of the reason I don't really like short trades at the moment. Until the QQQ breaks below 22.23 there is nothing compelling us to buy or sell either way on the daily chart. The lower Bollinger Band is still below us, so that might give us the little punch we need for a few cents tomorrow, but other than that I'm essentially waiting on the sidelines for a compelling reason to do something. ADPTWe broke below 5.76 so you should be short or at least not long this stock. Same story goes for the next few days until we get something conclusive: we're in a pennant which means that something should happen soon--we just don't know what. STIWell, it neither broke above 68.65 nor completed a pennant formation, so we remain happy with the 2.02 points we took the other day and are doing nothing on this stock at this point. ABXBeautiful move up today giving us 5% profit in a single day. Keep stops in place to preserve profit. We are hovering at an Attractor and may not make it any higher, so try to keep your profits. UNHUNH is still continuing to give us good profits. We made it as high as 90.46 today, getting closer to our goal of 91.50. The 90 level is an even number, a Gann number and overhead resistance, so let's call it an Attractor. We may have some difficulty making it through that zone, so preserve your profits if it takes any move below 88.17. |
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How Did We Do? Weekend Stock AlertsClick Here to go to the Weekend Stock Alerts. The premium levels of membership to "The Sunny Side of the Street" get more details, more commentary and more charts. The Gold and Platinum levels get access to intraday analysis. If you are interested, give us a call at (760) 930-1050. State your name over the answering device, and if she's not in the middle of a trade Sunny will pick up and talk with you personally. If she's not immediately available, Sunny will call you back as soon as she can, so please leave your name and state your phone number slowly. Thanks!
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