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"The Sunny Side of the Street"
SUNDAY NIGHT--12/22/2002
 Figure 1 - Monthly Dow Since it's the weekend I think it is time to do some long-term analysis of the markets. The past two weeks have each set a bar right on the neckline of a large and complex head and shoulders pattern that started in 1998... |
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after that, will be for someone else to drop out. (That number includes
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three months at a discount...only $99.95/mo. Regularly $139.95/mo.But, if you spread the bars apart so you can see them individually, rather than in a big glump (that's a technical word), they are approximately the same size. Once again, we're going nowhere--that's one way of looking at it. Another way is, to say that we have held above the ants for two days now, and that's a strong sign. We are on top of the neckline I have drawn in cyan, and that's very positive.
If we do break below the neck line its everyman for himself, as we'll all be covering and running. We could be looking at a 15% move down before it gets better, and that's going to get a lot of folks pretty upset.
I can easily make a case for both scenarios and they'll both sound pretty convincing, so what I am really doing is watching from the sidelines. If the INDU breaks about above 9401, I'm going to jump in with both feet, as fast as I can get the orders placed. But if it keeps going down, I'm going to just stay with it. (Those numbers will get worse as time marches on.)
And, it looks about the same on the QQQs. Price is currently holding above 26.89, but just barely. 26.89 is a very important pivot point, which we have seen again and again over the past few weeks; The QQQs are now out solidly above that line and it should push on above it, but it looks like
TRADERS:
The QQQ is still trading between the range at 26.20 on the high side and 25.00 on the low side. Yuck. If you watch RSI very carefully you can trade the range, but it's dangerous. Who knows when it will breakout? Or which direction? RSI is now sitting in a pennant formation, no longer riding along on top of its trendline. That bodes negative for RSI, and thus the market.
My model is currently long the QQQ, but the market is so choppy that there is no profit in the position.
INVESTORS:
My daily model just went short today, in the after-hours session -- since it's next to impossible to enter a trade on the closing price unless you get pretty sophisticated. No need for that, so we shorted in the after hour sessionl 25.19 is the first line of hesitation and then 24.37, so I could pick up a quick little profit tomorrow morning.
The Dow is following right along that double cycle we pointed out last April or so, and is still proving it to be a successful strategy. I hate to say it, but look for Dow 8000 in the next few weeks.
As always, be cautious, be nimble, and good luck!
Don't forget about the upcoming seminars. You get to participate in trading live with me on Friday, and we'll split the profits
I look forward to that class (and the other one) where I get to meet you personally and get familiar with your stories, and your actual needs. And I usually go home with several programming ideas to program for people, so I can help refine and polish your ideas. It's always exciting doing these classes. One night we will go out for (hopefully sushi) dinner and toss around some more ideas. That's always a lot of fun!
Tune in tomorrow for more. It's going to be a bumpy ride.
I'LL MAKE YOU ANOTHER OFFER. Send a friend my way for one of the upcoming seminars, and I'll give you $250 cash. Take your loved on to a nice dinner out on me.
Don't miss
it--Sunny only gives a few trading seminars each
year. She calls them "Solving the Puzzle"
because she
puts all the pieces together into one cohesive plan for you to become a
better trader. Make it your business! View
the syllabus--she only takes 15 students. January 17-19, 2003.
AND..to match Larry Williams' offer, on Friday we will be trading real-time,
with real money. I will split the winnings with the
class, and if there are losses I'll keep them for myself. Just
think...the seminar could be free!
Weekly Stock Picks for the week beginning 12/15/2002:
(Last week's picks made a profit of $0. Click Here to view the picks for last week, in the Archives.)
12/17/2002 -- We are getting really close to some of the breakout lines, so keep watching. NSOL did break the line today, so the model is now long NSOL.
| Symbol | Breakout | Stop Loss | Goal | Close if Triggered | Profit/Loss |
| NSOL | 0.78 | 0.62 | 1 | yes | |
| AMCC | 4.11 | 3.63 | 5.28 | ||
| ADCT | 2.24 | 1.64 | 2.81 | ||
| ADBE | 27.18 | 24.73 | 32 | ||
| WIN | 15.3 | 14.02 | 18 | ||
| WPI | 30.12 | 28.15 | 33.5 | ||
| STI | 60.25 | 56.63 | 68 | ||
| SLE | 22.77 | 21.56 | 24 | ||
| RBK | 28.38 | 27.04 | 30 | ||
| FO | 50 | 47.36 | 54 | ||
| TOTAL |
AND... if you are a TradeStation user, you need to
attend "TradeStation Made Easy"
February 7-9, 2003. Sunny knows TradeStation and EasyLanguage
as only another Trader could, and the class is more engaging and jam
packed with useful information than any other class you can find, at any
price. Enroll
Now--she only takes 15 students. And, the same real-time
trading offer applies.
