"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. CommentaryTHURS SEPT 26, 2002: What can I say? We're still forming a bottom. Thursday was up an encouraging +155 points on the Dow, with the high at 8012 just exceeding the Attractor we called for in yesterday's commentary. That's a good sign, but could mean a reflection off of that price tomorrow. In fact, at 8002 there is an Attractor formed from the lows on 9/19 and the highs of 9/20 that was touched today like a hot surface. Price immediately bounced back from this Attractor two times without making it through. If price makes it through the 8002 level tomorrow, let's say past 8016, we will want to go long for a ride on upward to 8154 on the Dow. If price fails we'll have a protective stop down at 7941. On the daily chart of the Dow RSI did not make it as low this past price low as it did with the price low on 7/22. That's another positive sign. My proprietary sjhDMA has now turned upward, while in negative territory, from a higher low than the one formed on 7/22, which is yet another sign of positive divergence. It may not be much, but it looks like we might be going a little higher from here. I think the most likely scenario is for a month or two of choppy trading with a slight upward bias. Over the next month we just might see 8500 on the Dow. QQQVolume today reached up and touched its moving average, with the Average True Range continuing to diminish. ATR is down today to 0.79, showing less and less room for short-term trading. RSI dipped back into the upward biased range in which it had been trading for the last several months--a good sign. Our daily model for the QQQs is still in a sell signal, and the 15-minute model went back into sell position today. My sjhDMA has turned upward from negative territory and it positioned to cross its moving average if price goes even just a little higher. The Attractor at 22.44 is pulling upward on the QQQ, so that's what I expect to see tomorrow. Just in case, keep stops under us at 21.50. Stock PicksNone of our stock picks from the weekend have yet broken above their triggers, so no buys have yet been made. Keep watching for tomorrow, and we'll get a new batch on Sunday night.
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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!
The passwords to the premium zones change every day, and you will receive it by email with your notification that the commentary has been posted. You must be a subscriber to view the Platinum and Pay-per-view zones.
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