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"The Sunny Side of the Street"
MONDAY NIGHT--January 27, 2003
 Figure 1 - Daily chart of INDU w/ Cycles While the QQQs were off only a small amount today (moving from yesterday's close of 24.82 to today's close of 24.53) the other two indexes I watch were both down substantially. The Dow (INDU) moved down from 8131 to 7989, for a 141 point move downward. The S&P moved down 13 points, thus leaving the Dow and the S&P nearly 1.5% off for the day, while the QQQs were off only 1%. Gold climbed in reaction, moving upward over 3 points and settling at 369.5. [more...] |
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I feel that today's break below Dow 8027 was another important and decisive break. Now I must calculate another new lower Attractor to see whether there is any significant support nearby on the Dow.
The next support beneath our current level is down at 7650, giving the Dow another 400 points of latitude to fall without collapsing. As I said in last night's commentary, my trading is mostly going to be from the short side until something speaks up loudly and alerts me that the market has completely changed its flavor.
The double cycle shown above in Figure 1, and again in last night's commentary will continue to pull on the markets until April 15th, so I'm hunkering down for the long haul.
Figure 2 - QQQ 15-min
Today I sent out an email alert to subscribers when I decided to take profits from the short trade--you'll see it circled in yellow in Figure 2. Notice that the QQQs stayed underneath the Sunny_Dynamic_Moving_Average all day long, with the exception of a little peaking through early this morning. There was nothing strong enough in the way of a move upward to make me want to go long after exiting the short trade, so I just stood aside.
Tomorrow might well be another picture. Today's RSI on the 15-minute chart forms a slight divergence with price movement, shown in Figure 2. That makes me think we might have a bounce in the morning, off the 24.37 line upward toward 24.70 or even 24.87. The ideal situation would be to get a downward opening gap taking price to 24.37, followed by a bounce up to 24.87. If I'm nimble and quick enough, I might just be able to pull a small profit out of that move.
INVESTORS:
At least until we get past the double cycle hump in April, I'm holding onto my long-term investing money. Sitting in cash under the mattress is better than another negative 38% year. If we move on down to Dow 7500, as I suspect we will, that would give us a negative 15% year--and the mattress still looks like the better bet.
Now that Gold has broken through overhead resistance that was at 367, I think I'll start stockpiling some gold and playing some gold stocks as it is likely to move up to the Attractor at 445. If it drops lower instead, and goes below 330 I would jump out and stay once again on the sidelines.
As always, stay nimble, humble and take small losses and big wins.
Don't miss
it--Sunny only gives a few Trading with TradeStation and Using
EasyLanguage seminars each
year. She calls them "TradeStation
Made Easy"
because she pulls all the important parts of trading
together with all the important parts of TradeStation to make one
cohesive, easy to understand Workshop. Make it your business! View
the syllabus--she only takes 15 students. February 7-9, 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
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.
