"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. CommentaryTUESDAY NIGHT, OCT 1, 2002: The Dow Jones was up a very nice 342.63 points today, by my datafeed. The last time we had up days of that magnitude was 7/24 and 7/29, when the Dow was up more than 400 points. Those days were followed by a 1500 point gain over the next few weeks. I think it will be choppy going, but my analysis shows we are likely to move on up into the 9500 range from here. We got the anticipated intraday buy signal today at 10:15aPT, but alerted Platinum Subscribers not to jump in until we had proof by breaking above 21.12, which we got. Thus, intraday traders are long from 21.12, while long-term traders remain short. Today's market action has some of the market gurus saying that "the low is in." Perhaps. It's too soon to tell. What today's market action tells me is that we are still creating a bottoming formation. In fact, it's a very positive sign, as we did go nicely upward today. But, it is too soon to tell whether all the downside action is over with. Tomorrow should move on up to the Bollinger Band midline on the Dow, which is sitting at 8064, putting in another 126 points on the upside. If we get exuberant, we could even move on up to the next Attractor, which sits at 8373. But, it would be surprising to see two 300+ point days back to back. But, it could happen. RSI is positioned in a nicely positive higher lows setting, just moving into neutral territory on the daily chart. It should move on up to test the 65 level from here. QQQsOn the QQQs the intraday RSI zoomed into oversold territory, which begs for a slight pullback on Wednesday. The Attractors are positioned to support a pullback to 21.52 followed by a run for 22.14, and then to 22.70. If you are currently long, be suspicious of any pullback and take your profits. Wait for the market to show you its hand before going longer.
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How Did We Do? Weekend Stock Alerts
This week's Sunny Side of the Street 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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