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"The Sunny Side of the Street"
THURSDAY NIGHT--11/14/2002
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three months at a discount...only $99.95/mo. Regularly $139.95/mo.Commentary:
It seems that more people are unable to receive the video than those who are able, so I will discontinue the broadcasts until more people are using cable or DSL lines. Back to the keyboard.
Last night I said I expected today (Thursday) to be an up day, maybe even sharply up. I also said I though the QQQs just might make the stretch to 26, and it did--closing today at 26.10.
There
is a minor Attractor at 26.21 on the QQQ's that was broken today, intraday.
This Attractor also lies on the Dow and the S&P at 8724 and 907
respectively. The QQQs today broke that line, while the other two
indexes did not, yet. Technically, I would read that as saying that
both the Dow and the S&Ps must break through that overhead Attractor
before we can decide whether we just entered a bull market, or whether we
are in for another prolonged bear leg.
On an intraday basis, I couldn't have been much more right on with last night's commentary. I said "sharply up" and it was sharply up! Furthermore, I called for 26, and we got 26.10.
So, tomorrow the markets should make the attempt to break their upper Attractors, thereby bringing the QQQ on up with them. I would expect the QQQ to reach for 26.56 Friday, while the Dow reaches for 8724 and the S&P tries to reach 907.
After that little jaunt, we should see a correction--as the 3 wave we are currently in goes into a 4-wave corrective move. Since the 2-wave was sharply down, the 4-wave should scrape along sideways in some sort of triangular formation for several days. That should clear out most of the speculators, leaving only the professional traders to move the markets.
As
the 4-wave takes form, we should see the correction move along in a broad
sideways channel that is from about 8273 to 8728 on the Dow, 24.16 to
26.89 on the QQQs and 869-923 on the S&P. That's a longer range
technical reading, for you mutual fund and investing folks.
For tomorrow's traders, I expect the market to make a quick run up to the previously mentioned Attractors, and the fail to move higher, beginning the 4th wave decline.
Weekly Stock Picks for the week beginning 11/10/2002:
| symbol | breakout | stop loss | goal | triggered? |
profit/ loss |
| KRB | 21.66 | 20.56 | 25.00 | ||
| BMY | 27.21 | 24.50 | 31.00 | ||
| SLM | 104.35 | 103.00 | 107.00 | ||
| BMET | 32.00 | 30.00 | 34.00 | ||
| BMY | 28.00 | 26.00 | 33.25 | ||
| SBC | 28.86 | 26.15 | 34.40 | ||
| AET | 42.66 | 40.00 | 46.00 | ||
| BBBY | 35.11 | 31.00 | 40.00 | ||
| XLNX | 23.00 | 20.00 | 30.00 | ||
| XRX | 8.00 | 5.75 | 11.00 |
...Continued...
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