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"The Sunny Side of the Street"
SUNDAY NIGHT--February 9, 2003
 Figure 1 - Daily chart of $INDU [click to enlarge] After being completely off-line for a week it feels good to have my Internet and trading capabilities back up and running. Yet, I look at the chart of the Dow and see that nothing much has changed. Price is still being pushed down by the double, overlapping cycles, as we head lower and lower, toward the ... [more...] |
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... lower Attractor at 7650.
The S&P Futures and the QQQs (Figures 2 & 3) look like they might be nearing their lower Attractors, however. If they hit the Attractors and bounce, that will be a strong positive, which could possibly pull up the
Figure 2 - S&P Futures (H03) Daily [click to
enlarge]
Dow with it. Or, maybe the stalwart Dow 30 will continue on down to the lower Attractor without the S&P and the QQQs, causing a positive divergence.
Average True Range is beginning to widen on the daily charts, and I expect it will continue to do so as the bounce forms, or the bottom drops out. Either way I am expecting bigger moves in the near future.
Figure 3 - QQQ Daily [click to enlarge]
The S&P futures contract has a nice Attractor at 815 and the QQQs at 23.35. The RSI is low enough now for a bounce to occur, giving another piece of evidence to the bouncing theory.
Standing in the way of upward movement is the completion of the moves down to the Attractors and the fact that RSI has had lower and lower tops since last November. Yet, the bottoming of the RSI has been relatively high, turning at 38 and going back upward again.
To summarize, I think the market will continue on down just a bit more, until hitting the Attractors, and then take a bounce up from there for a few days. I expect still that we are forming a bottom, which will continue to be very choppy for months to come.
As always, stay nimble, humble and take small losses and big wins.
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Weekly Stock Picks for the week beginning 2/09/2003:
| Symbol | Breakout | Stop Loss | Goal | Close if Triggered | Profit/Loss |
| ACV | 51.54 | 49.5 | 53.22 | ||
| ADSK | 15.45 | 14.81 | 16.13 | ||
| AGN | 62 | 60 | 64 | ||
| AMGN | 52 | 50 | 54 | ||
| QCOM | 38.37 | 36.67 | 40 | ||
| BDX | 33.5 | 32.5 | 34 | ||
| BEL | 7.88 | 7.06 | 9.3 | ||
| BGG | 43.6 | 42.35 | 45.48 | ||
| TOTAL |
