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Commentary

THURSDAY NIGHT, OCT 10, 2002:

As suggested in commentary over the last week, including last night, the double cycle lows moving up in tandem are pulling the market with them.  The Dow today was up 247 points on solid volume. On the daily chart the Dow has pulled right up to the resistance Attractor at 7537, with the RSI pushing up against 65, so I we could expect some moderate pull-back tomorrow.  On the intraday chart the Dow has shown a sideways 2 wave, so we can expect a fairly sharp pullback on the 4th wave, before moving on up in the 5th wave to approximately 7668.

QQQs

Just when you're about to give up, that's when the market decides to move.  If you'll recall, I said that a week or so ago in a commentary.  And, here it is; the day after we get beat up in sideways chopping, the market takes off.  Luckily, we had stop entries in place to get us long at 20.30 as stated in last night's email.  The ride up today took us almost as high as the Attractor at 21.22.  That lets us in for a small correction tomorrow, as the wave today was pretty steep.  It was, however, the three wave we said to look for!  Therefore, we now need a four wave.  It should take us back down to 20.73, where we should bounce and continue on up to finish the fifth wave.  Only time will tell.

For now, we are staying long with stops below the attractor at 20.73 in case we're wrong.  If we're right, we'll start taking profits on the way up until we should be out by 21.68, where the 5th wave should end--if not before.

Click to enlarge.

How Did We Do?
Click here to view archives of past Platinum Zone commentary, including the Weekend Stock Alerts.

Weekend Stock Alerts

Last week's stock alerts were hit on four stocks: FRE, MDT, MER & SPC.  We profited on three of the trades and hit the stop-loss on the fourth, for a net profit of $260.

Click Here to go to the Weekend Stock Alerts Archives to view prior weeks' performance.

This week's (10/06/02) Sunny Side of the Street Weekend Stock Alerts:

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