"The Sunny Side of the Street"

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1 Day		 Chart
5 Days		 Chart
1 Year

Commentary

MONDAY NIGHT--OCT 28, 2002:

Today was a good day for shorting.  Subscribers got intraday alerts and profit opportunities.

INDU - DOW JONES INDUSTRIALS

Today's market (QQQs, SP, and INDU all three) was dull as dishwater.  Trading was very slow and the market only moved 76 points.  The INDU appears to be playing around with the Attractor at 8526, unable to make up its mind whether to commit and move on up, or give up and go further down.

The media is focusing on next week's Greenspeak day, believing that the Fed is likely to cut interest rates.  I don't think they will do anything.  If not, that will have a negative effect on the market, and that's why we are moving shakily at the moment.  Fear of commitment.

I stand by my previous conviction that the market will continue on upward for another two-three weeks.  But, on days like today, I can't ignore the shorting opportunities, even if my longer term conviction is upward.

The weekly QQQ (chart above) shows that the Attractor at 26.89 is still the clear goal as the market needs to test that resistance from the underside.  Whether it shoots through it or bounces off will be a big revealing technical sign.

QQQ - NASDAQ TRUST

The daily QQQ has passed through the Attractor at 24.40 successfully and appears to be holding.  That's good news.  Next stop is above us at 26.19 and it will probably be a painful ride up, as all the talk is about the Fed and interest rates.  But, come on now, how much lower can they go?  We're almost at zero as it is.

 On the chart to the left you can see that price is following the cyan trendline that we drew last week.  That's another good sign.  Whether it follows from above or below, I don't care, as long as they stay close together.  We got a buy signal on the daily model of the QQQs two days ago, so in general we are looking for buy signals.  But, the world is full of contrarians and the intraday opportunities today were to the downside.

S&P 500 SPooS

The SPoos were not in lock-step with the QQQs today.  In fact, I did most of my shorting on the SPoos today, and pulled of a long trade on the QQQs.  The 15-minute SPZ chart broke below the sjh_DMA, after touching the top band of the Sunny_Bands, giving us the signal that weakness was at hand.  At the time I was also watching the 5-minute SPZ chart, and as it broke through the Attractor at 900 I decided to go short.  Why?  More Gann numbers and the breaking of previous resistance.  The market dropped fairly quickly on down to 889.45, where I started looking for excuses to take profits at any sign of upward movement.  When we hit 887 I decided that was enough profit, and issued an Alert to Platinum Members.

On the short-term charts (5-min and 15-min) we are playing nearly sideways, with the bias being to the upside.  We are currently positioned for a play to the upside tomorrow.

But, be nimble, be quick and ready to go where the market tells us to.

Weekend Stock Alerts

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

This week's (10/28/02) Sunny Side of the Street Weekend Stock Alerts:


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

Weekend Stock Alerts

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

This week's (10/28/02) Sunny Side of the Street Weekend Stock Alerts:

  Symbol BreakOut Run To Stop Loss Triggered? Goal Met? or Friday Close Net P/L 1000 shares
1 COST 36.75 38.5 35.75        
2 QCOM 37.28 40 35.36        
3 ABS 27 29.39 26.00        
4 TRMS 51.69 57 49.72        
5 KFY 9.5 11 9.00        
6 EBAY 63.27 69 61.35        
7 BAC 70.70 72.70 69.56        
8 FCGI 6.40 8 6        
9 ABM 14.50 16 14        
10 AAPL 15.52 17 14.87        
        TOTAL  

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