The Sunny Side of the Street
MONDAY
NIGHT - July 28, 2003
Archives of Past
Commentaries . How Did We Do?
Weekend Stock Picks --
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Figure 1a: COMPARISON: DOW vs SPY vs NASDAQ (Intraday)
Today’s QQQs market behaved just as I said yesterday that I thought it might. Right up to the Attractor, and then sideways for the remainder of the day.
Tomorrow we should see the mirror image of today, with the sideways action starting in the morning, followed by downward action in the 2nd part of the day. It is time for another reversal.
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Figure 5a: EuroDollar Daily - Sunday night commentary only
The current signal on the EuroDollar model is still short, with nothing yet to confirm or deny the signal. My interest in shorting this market will only come if the EuroDollar drops below 98.88. Until then, I stand neutral. This commentary still holds, four(!) weeks later, with the ED moving ever so slowly sideways.
And they told me
currencies trend. This is some trend ok!
Stay sharp and on your toes. Moves can reverse on a dime, anytime. Let the market speak to you. If the market is going down, by golly ignore my commentary from the night before and know that the market is going down.
RULES OF THUMB:
0. I keep the chart in Figure 1a on each day's commentary simply to illustrate how much in tandem the 4 indexes I watch actually are. For this reason, I don't always comment on every index. Analysis of one speaks highly for the same analysis for each of the other indexes.
1. When price is pushing the upper Sunny_Bands upward and then eases off and moves back toward the midline, it's time to take profits. If it starts moving up and pushing on the Sunny_Bands again, it's time to get back in. Likewise, if the market is pushing down on the lower Sunny_Band and eases off to move back to the midline, it's time to take profits from the short play.
2. Divergence of the RSI and price is another good time to take profits and wait for a breakout of price before taking a position.
3. When the exchange puts in curbs or trading halts on a large move down, it usually (not always) stops the downward motion. After the market reopens is a good time to take profits from your short position.
4. The market can't go nowhere forever. Eventually, who knows how long it will be, there will have to be a breakout-- one direction or the other.
5. This commentary is for educational purposes only, and is meant only to teach readers about my indicators, other technical indicators, and how I read them.
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While it may be true that a picture is worth a thousand words, it is definitely not true that a picture deserves a thousand words.