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"The Sunny Side of the Street"
SUNDAY NIGHT--12/08/2002:
Remember: only
800 more people will ever be
allowed to subscribe to the Platinum Zone. The only way to get a spot
after that, will be for someone else to drop out. (That number includes
free and gratis accounts to the media, etc...)
Subscribe now and get the first
three months at a discount...only $99.95/mo. Regularly $139.95/mo.On the Dow, price is sitting right on top of the Sunny_Bands midline and that, coupled with a low Average True Range, should be cause for the Dow to bounce from there on up toward 9500. Of course, it won't happen in one day, and probably not in one week, but I think that's where we are headed.
IF RSI on the daily chart turns upward from its current position and rises above 65, the we will certainly be looking for a new bull leg to this market.
On the weekly chart of the SPX I am watching to see what happens when as we reach for 974, the neckline of the head-and-shoulders. One scenario is we could break above it and have a grand move upward, another scenario is we could hit that mark and reflect off it going on downward for some time to come, and a third scenario is we could trade for a while in the channel formed between 974 and 810.
The weekly chart of the QQQs is still fighting the trendlines I pointed out on 1205 and if we don't get through those lines in the next few trading sessions, I will be looking for downside action for the next few months.
On the 15-minute charts the QQQ just barely popped above resistance at 26.55 for a few bars on 1205, but the dropped below again for the remainder of the day. This just shows that we are trading in a very narrow range for the past 3 days and I believe that means we are now in a setup for a large move. RSI on the 15-minute chart show there is room at the top, and is not showing negative signs, so my guess is that we are looking for a move upward.
Be quick, be nimble, and always keep your respect for the markets--it's a risky business.
Weekly Stock Picks for the week beginning 12/08/2002:
(Last week's picks made a profit of $790. Click Here to view the picks for last week, in the Archives.)
| Symbol | Breakout | Stop Loss | Goal | Close if Triggered | Profit/Loss |
| AEP | 30 | 26 | 35 | ||
| APC | 50 | 44.5 | 57 | ||
| BK | 30 | 27.1 | 35.26 | ||
| GM | 40 | 47 | 37 | ||
| NKE | 48 | 45 | 52 | ||
| MDT | 47.29 | 43.62 | 51.65 | ||
| TOTAL |
Weekly Stock Picks for the week beginning 12/01/2002:
| symbol | breakout | stop loss | goal | closing price if triggered? |
profit/ loss |
| NSOL | 0.9 | 0.5 | 1.5 | ||
| COMS | 5.3 | 5.0 | 6.25 | ||
| CMGI | at market | 1.0 | 3.0 | yes | |
| ADCT | 2.57 | 1.5 | 4.5 | ||
| MCLD | 0.93 | 0.80 | 1.4 | yes | |
| AMGN | 48.7 | 43.46 | 54 | ||
| ALTR | 15.25 | 13.0 | 20.0 | ||
| ADPT | 7.44 | 5.16 | 10.00 | ||
| AAPL | 16.43 | 15.00 | 18.25 | ||
| ADBE | 30.4 | 28.9 | 33.23 | ||
| TOTAL | |||||
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