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"The Sunny Side of the Street"
THURSDAY NIGHT--January 23, 2003
...The Dow and the S&P were down today, with the QQQs going up. The trading day had kind of an M shape to it--first going up in the morning, then down, then up and then again down at the close. It was a difficult one to trade. On the Dow we are almost down to the Attractor holding steady at 8234. The bounce from there could go as high as 9000, but could just as easily get foreshortened by the Attractor at 8630. Again I say I think we will stay in a trading range for a while longer, but we will know more in the next couple of days as we see whether the support at Dow 8234 gets broken.
Figure 2 - QQQ 15 minute
On the QQQs price broke out today going above its Attractor at 25.50, but then coming right back down to 25.50 by the close. Still, I think that was positive action, hopefully foreboding breakouts on the other indexes over the next few days. My intraday model gave a buy signal this morning at 10:00amPT, but I was unwilling to follow it until price broke above 25.50, proving itself with strength. Yet, price came back down to the 25.50 line, so it's not too late to get into a buy position on Friday, if price continues on upward in the morning.
INVESTORS
I'm really cautious right now about the long-term as we have just turned the corner on the double cycle and both cycles are now pointing downward. That should put downward pressure on the Dow, causing some long-term correcting in price. Now is a good time to be moving to the sidelines.
TRADERS
Friday could easily be an up day, with a bounce following the strong closes of Thursday. Watch closely and be ready for the QQQs to tell us which way they want to move. If I see an early up move off the 25.50 line, I'm considering going long for at least one ATR, which would put price at about 26.25.
As always, stay nimble, humble and take small losses and big wins.
Don't miss
it--Sunny only gives a few trading seminars each
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because she
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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 1/13/2003:
| Symbol | Breakout | Stop Loss | Goal | Close if Triggered | Profit/Loss |
| TXN | 17.50 | 16.00 | 20.00 | ||
| ADBE | 28.70 | 27.00 | 30.00 | ||
| AMGN | 50.60 | 48.70 | 53.00 | ||
| APCC | 15.65 | 15.00 | 16.75 | ||
| CNXT | 1.76 | 1.60 | 1.90 | ||
| DISH | 26.45 | 25.00 | 29.50 | ||
| INTC | 17.55 | 16.50 | 19.00 | ||
| INTU | 51.00 | 48.25 | 52.50 | ||
| MCHP | 28.00 | 26.24 | 30.00 | ||
| QCOM | 39.00 | 35.00 | 44.00 | ||
| TOTAL |
ARCHIVE:
Weekly Stock Picks for the week beginning 1/5/2003:
| Symbol | Breakout | Stop Loss | Goal | Close if Triggered | Profit/Loss |
| UNM | mkt=18.25 | 17.49 | 19.11 | 19.02 | $770 |
| WPI | 29.50 | 27.44 | 33 | no | |
| AHLS | 0.83 | 0.50 | 1.4 | no | |
| ASDS | 0.46 | 0.37 | 0.6 | no | |
| CNXT | 1.85 | 1.5 | 2.5 | no | |
| JDSU | 2.95 | 2.38 | 3.5 | 3.40 | $450 |
| LGTO | 5.52 | 4.33 | 7.63 | 5.87 | $350 |
| MCHP | 26 | 24 | 30 | no | |
| PCAR | 48.3 | 46.3 | 51.6 | no | |
| RNWK | 4.06 | 3.5 | 5 | no | |
| TOTAL | $1,570 |
AND... if you are a TradeStation user, you need to
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February 7-9, 2003. Sunny knows TradeStation and EasyLanguage
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trading offer applies.
