Option Investor
Archive
HAVING TROUBLE PRINTING?
Printer friendly version
  Jim Brown   6/24/02,  4:33:24 PM
Pivot Trade Wrap - Update

Neutral - The markets ended with a slight gain but considering the huge morning drop, strong rebound and then a barely positive close, I would call it draw. The markets settled into neutral territory with no particular bias. The sellers paused but the buying also paused. The major indexes closed right at resistance levels, which give no clue as to direction at the open tomorrow.

The economic calendar as well as the FOMC meeting could keep a top on the markets at this level. The talking heads tried to characterize the 970 low for the S&P as a double bottom. Evidently they cannot count since the 965 close and 944 intraday low on 9/21 are both significantly lower. I agree we are trading at some critical levels and because every index has settled at a different rate the levels don't exactly agree. This means we COULD see a bottom at any time OR we could continue to drop until the Dow, the laggard in this race, hits its post 9/11 low at 8062.

Either way the earnings warnings are still coming and the chances of a lower low are still good. Don't get married to your positions since extreme volatility is still alive and well. Neither overbought nor oversold Tuesday's open should tell us who is still in control. See you at 9:15 !

 
 
  Jim Brown   6/24/02,  3:49:29 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Lower the stop loss on the current SHORT signal to our entry point at 494. This will protect us from an unexpected end of day bounce.

 
 
  Jim Brown   6/24/02,  3:48:15 PM
Pivot Trade Signals
That last drop was likely the result of an imbalance in "order on close" orders. A floor trader on the NYSE said there were some large orders some paired and some not with the imbalance to the sell side. Evidently institutions were not convinced by the day's bounce, The last 13 minutes should be interesting since the president has begun his speech.

 
 
  Leigh Stevens   6/24/02,  3:45:36 PM
INDEX Comments: DJX,NDX/QQQ - have receded below prior lows, which they needed to hold to suggest that the rally had any kind of "legs" to it - the legs of a midget is more like it!

 
 
  Leigh Stevens   6/24/02,  3:42:27 PM
INDEX Update: Support & Resistance - Nasdaq Composite (COMP) Support >1445, then 1414 - Resistance >1490, then 1509-1510

Nas 100 (NDX) Support > 1056. then 1015 - Resistance >1088, then 1106

QQQ: Support > 26.2, then 25.2 - Resistance > 27.0, then 27.5

YOU'LL NOTICE THAT NAS 100 & QQQ ARE BACK BELOW NEAR SUPPORT.

 
 
  Jim Brown   6/24/02,  3:34:21 PM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
The MARKET SHORT signal was triggered at 15:28:24 when the OEX traded below 494. (SPX 995.50) The initial stop loss on this signal will be OEX 496 which is just above the last relative intraday high of 495.76 at 3:17 PM. (SPX 999) Fear of the dark is increasing as the trading day draws to a close. With the president's press conference scheduled at 10 min before the close, traders will not have time to react to any negative comments if they occur. The urge is to take profits now and go flat before the speech.

 
 
  Leigh Stevens   6/24/02,  3:27:16 PM
INDEX Update: Support & Resistance - S&P 500 (SPX) Support > 982, then 971 - Near resistance > 1000, then 1005;

S&P 100 (OEX) Support > 488, then 480 - Resistance > 499-500, then 503-504;

DJX: Support > 92.6, then 90.8 - Resistance > 94, then 94.8;

- WITH SOME RECENT LOWS IN PLACE CAN BETTER ESTIMATE "SUPPORT".

 
 
  Jeff Bailey   6/24/02,  3:24:55 PM
US Dollar Index (dx00y) 108.22 +0.02% ... has reversed from multi-year lows in response to stock action. Will note that current levels are below the 108.50 level of 80.9% retracement, which currently shows little conviction in the bullish stock moves.

August Gold futures (gc02q) 324.70 -0.12% have edged lower and given back some earlier gains.

Bond market is closed, but 10-year YIELD ($TNX.X) 4.844% closed near session high and indicates some good selling in Treasuries today, so one must think that there was indeed some type of allocation shift taking place today.

Traders will note that end of first half of year is June 30, which would be the end of this week. While earlier "bond talk" of allocation shift may have been based on calendar, makes some sense.

From here, stock market action may well be driven by any type of recovery, or further weakness in US$.

 
 
  Jim Brown   6/24/02,  3:23:32 PM
Pivot Trade Signals
We just saw the 2nd or 3rd lower high since the 2:30 highs of the day. The rebound trend has definitely weakened. Fears of the press conference could be preventing that last bout of climax buying. After so many weeks of selling into the close it is not surprising that buyers are getting weak in the knees.

 
 
  Jonathan Levinson   6/24/02,  3:22:25 PM
The Nasdaq keeps trying and seems to keep slipping at this 1470 level. The TRINQ is still relatively low at .45, and the 15 minute stochastic has just completed a bearish crossover from overbought. Aggressive bears could add some puts here, but keep a stop at 1475 in case the COMPX gets a second wind. This is the same market it was 50 points ago- bears who liked it then like it better now (grin).

 
 
  Leigh Stevens   6/24/02,  3:15:04 PM
INDEX Comments: OEX - after retracing between 38 & 50% of the last downswing and getting the stochastics, at both my short & longer-term (length) settings, up into overbought ranges - if you bought for a "BOUNCE", you just got it.

 
 
  Jim Brown   6/24/02,  3:11:48 PM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
Go SHORT the OEX/SPX/DJX on an OEX trade below 494. This would represent a breakdown in the day's rebound.

 
 
  Jim Brown   6/24/02,  3:10:45 PM
Pivot Trade Signals
Markets are struggling here just below resistance. The Presidential press conference is weighing on sentiment. I would like to see one more buying climax here to trigger our entry at 499 before the end of day rush begins. I am going to put in a lower trigger as well just in case.

 
 
  Jonathan Levinson   6/24/02,  2:42:11 PM
All intraday stochastics are now buried in overbought for the COMPX. The TRINQ has been steady between .4 and .5 for the past half hour. Advancing volume is just under twice declining volume. COMPX 1480 looks like an excellent level for a rollover, particular given this impressive blast during the past hour and a half. MSFT is leading the charge, and I'm hearing that rumours of a positive earnings surprise have resurfaced. We'll wait for a rollover below 1480 to initiate those puts if the market gives it to us.

 
 
  Jim Brown   6/24/02,  2:38:40 PM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
Go SHORT the OEX/SPX/DJX on an OEX trade at 499. (SPX 1005) This is the next resistance level and a good spot to look for the current rebound to roll over. This is highly speculative and a high risk trade. Our initial stop loss will be OEX 502 (SPX 1010 est)

 
 
  Jim Brown   6/24/02,  2:27:20 PM
Pivot Trade Signals
This may be just a sell program or just a lunch time lull. Either way we booked a nice move of +11.75 points. We will stay flat until a new trend develops or a new resistance level broken. The next resistance on the OEX is 499, Dow 9330, Nasdaq 1480, SPX 1005. This would be my probable targets for a new short. Remember IBM has not yet warned.

 
 
  Jeff Bailey   6/24/02,  2:26:32 PM
Microsoft (MSFT) $54.22 +3.69% ... just off previous session high of $54.64, which looks to have found resistance on its 60-minute interval chart and 50-pd moving average of $54.68. MACD on 60-minute just hooking around and now above signal. Stock looks to have helped spur broader market recovery.

In last 10-minutes, digital-rights software maker InterTrust Technologies (NASDAQ:ITRU) $2.93 +6.54% added patent claims to previous suit filed against MSFT.

 
 
  Jim Brown   6/24/02,  2:21:32 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Close the open LONG signal here at 493. Momentum has slowed and it appears the markets could be rolling over at resistance.

 
 
  Jeff Bailey   6/24/02,  2:16:02 PM
Treasury Watch has the benchmark 10-year YIELD ($TNX.X) at highest level of session on what looks to be a continued asset allocation taking place from Treasuries into stocks. Once gain, 10-year YIELD back above the 50% retracement level of 4.801% at 4.833%. Link

US Dollar Index (dx00y) 107.83 -0.33% up from worst levels of the session and showing some renewed intraday strength.

 
 
  Jim Brown   6/24/02,  2:14:07 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Raise the stop loss on the OEX/SPX/DJX LONG to 491.75. (SPX 991).

 
 
  Leigh Stevens   6/24/02,  1:57:49 PM
INDEX Comments: SPX, OEX - each now well above its prior lows at 982 and 488 respectively. These levels are now key support on a pullback.

QQQ has cleared ist prior low - just - at 26.2. COMP is well above near resistance implied by its 6/14 low at 1145 - this in now key support; NDX is above its near resistance at 1056.0.

 
 
  Jim Brown   6/24/02,  1:57:37 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Raise the stop loss on the OEX/SPX/DJX LONG to 490.25. (SPX 988).

 
 
  Jonathan Levinson   6/24/02,  1:57:03 PM
Advancing volume is now leading declining volume on the COMPX as the day highs print above 1450. The TRINQ is down at .53, not really extreme yet, as all stochastics reach overbought on time frames less than 60 minutes. The QQV is still up by .25 on the day. New highs are printing as I type, and the COMPX has clearly broken free of the 1450 resistance level. MSFT is now above 54.

 
 
  Jim Brown   6/24/02,  1:43:56 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Raise the stop loss on the OEX/SPX/DJX LONG to 488.25. (SPX 985).

 
 
  Jonathan Levinson   6/24/02,  1:42:33 PM
The TRINQ is at .64, which is low on the day but not particularly overbought yet, as the COMPX touches 1450 resistance. Waiting for that stochastics rollover accompanied by a dip. I'd look for price to break 1445 to the downside from here before add puts. Let's watch.

 
 
  Jim Brown   6/24/02,  1:39:11 PM
Pivot Trade Signals
Next resistance points for the OEX are 493 and then 499. We will snug up the stops as each level is reached to avoid giving back our gains.

 
 
  Jim Brown   6/24/02,  1:33:56 PM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
I think it is time to raise our stop loss to prevent giving back this move if we get a failure here at short-term resistance. Let's raise the stop loss to OEX 486.25. I don't want to get so close that we get jerked out but that represents a 5 point move. We will take it and look to re-enter on a breakout over 488.

 
 
  Jim Brown   6/24/02,  1:28:52 PM
Pivot Trade Signals
That is the short squeeze we have been looking for. Evidently enough buyers appeared at that support level to put a little fear into shorts for a change. We are a long way from "home safe" and I still think there is a lower low in our future. This is probably just a temporary trading bounce. We will take it, no questions asked!!

 
 
  Leigh Stevens   6/24/02,  1:24:36 PM
INDEX Comments: SPX has rallied to above resistance implied by prior hourly low at 982.

 
 
  Leigh Stevens   6/24/02,  1:23:04 PM
INDEX Comments: QQQ piercing its hourly down trendline. QQQ and COMP now on stochastic bullish (upside) crossovers.

 
 
  Jonathan Levinson   6/24/02,  1:22:11 PM
Watch that dropping TRINQ with rising stochastics. If the COMPX can make it to 1440-1445, the TRINQ should be showing a nice low reading and the intraday stochastics should be well overbought by then. I will target a rollover from that level to enter a put position.

 
 
  Leigh Stevens   6/24/02,  1:19:42 PM
INDEX Comments: SPX rallying after touching the low end of its hourly downtrend channel. Overhead resistance now, at prior low, at 982.

In OEX, near resistance - also, at its prior low, at 488.

 
 
  Leigh Stevens   6/24/02,  1:17:24 PM
INDEX Comments: OEX rebounding a bit from from 480, the area of its Sept (intraday) low.

 
 
  Leigh Stevens   6/24/02,  1:12:11 PM
INDEX Comments: Nasdaq - The Composite at its intraday low at 1414.7, has touched the low end of its hourly chart downtrend channel - the Nasdaq is needless to say, OVER-sold. Not to say that its going to turn around here, but some kind of oversold rebound is due. Overhead resistance - now at prior lows <> COMP > 1445; QQQ > 27.0 ; NDX > 1056

 
 
  Jim Brown   6/24/02,  1:02:46 PM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
The OEX/SPX/DJX LONG signal was triggered at 12:56:00 when the OEX traded above 481.25 (SPX 973) Now the key will be if we can hold this level. The initial stop loss will be 479.25, one point under the low of the day. (SPX 969)

 
 
  Jonathan Levinson   6/24/02,  1:01:19 PM
COMPX breadth has been trying to improve, declining volume being now just over 4 times the advancing volume. The TRINQ is reflecting this, being near the low end of the day's range at 1.33. The QQV is still up 1.52 on the day. Note however that with the exception of the volatile 1 minute chart, no other intraday oscillator has been able to make it to overbought before rolling over on the 10(5) settings I usually use. There is simply no strength in the market. The p/c ratio has been staying well below 1 all day, and this makes me more bearish than I was on Friday- there somehow isn't the same amount of lopside bearishness being shown by market participants today. In other words, I see less chance of a bungy snap upwards because there isn't the same level of bearish sentiment being shown by the "herd" today. A contrarian view, but one that keeps me out of trouble.

 
 
  Jim Brown   6/24/02,  12:55:29 PM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
Since we already had one false bounce from the 481.10 dip lets lower the ENTRY signal to 481.25. All the indexes looking looking like they might have found the support as the Dow came within 8 points of 9075.

 
 
  Jim Brown   6/24/02,  12:52:38 PM
Pivot Trade Signals
Remember the Dow has support in the 9075 range which could provide the bottom for this sell off. If it breaks 9075 we could be looking at that capitulation day as the index could fall significantly from there. 9075 is the support from the October trading ranges.

 
 
  Jeff Bailey   6/24/02,  12:52:30 PM
SilverStream Software (SSSW) $8.94 (unch) ... Jeff: Jeff, Check out this stock SSSW, see if you can find out the reason for such a spike.

On June 10, SSSW entered a definitive agreement to be acquired by Novell Inc. (NASDAQ:NOVL) $3.14 -4.81% for $9.00 per share in cash. This most likely the "spike" subscriber wondering about.

 
 
  Jim Brown   6/24/02,  12:44:33 PM
Pivot Trade Signals
Finally, the first dip stopped at 481.10 but the last dive finally penetrated the first level of our signal. Now, we will go long with any trade over 482.25 with a target in the 490 range. Patience !!

 
 
  Jeff Bailey   6/24/02,  12:38:53 PM
Gold Silver Index (XAU.X) 80.70 +3.23% .... only equity index I see in the green here. As mentioned in prior analysis, looking for technical resistance at the $82-$83 level. Link

Will also note from past commentary, thought more "speculative" Bema Gold (AMEX:BGO) $1.69 +3.65% might trade $1.75 on XAU.X test of $82. BGO did trade $1.75 earlier in session. Link

 
 
  Jeff Bailey   6/24/02,  12:35:14 PM
Cisco Systems (CSCO) $13.27 -3.3% .... getting downside alert at $13.25, which was 80.9% retracement (retr. from $21.80 to $11.24) and marks near-term bearish trader's target from previous bearish profile. Stock now just under 1/2 of its downward regression and further bearish target would be 100% retracement. Technical note here is that stock has filled its gap from 05/07-05/08. Risk management could have bearish trader's from $15.27 (61.8%) retracement locking in some gains. Link

Point/figure chart remains bearish with vertical count of $7. Link

 
 
  Leigh Stevens   6/24/02,  12:22:41 PM
INDEX Comments: How LOW can they GO ? NDX and QQQ have been trading well under their prior Sept. intraday lows. The Nasdaq Composite ($COMPX) is getting closer to its Sept (intraday) bottom at 1387 - at 1421, its still above this low. Given the relentless decline and selling, however, the question is whether any index will find support at any prior bottom.

 
 
  Jonathan Levinson   6/24/02,  12:18:18 PM
This orderly slide is lulling this author and his indicators to sleep. Breadth has barely changed on the COMPX with price off its lows of the day. I think that the dip buyers are growing tired, and shorts are growing patient.

 
 
  Leigh Stevens   6/24/02,  12:18:04 PM
INDEX Comments: How LOW can they GO ? The S&P 100 (OEX) at 483.3 and intraday low at 481.1, now very close to a milestone - the Sept. intraday low (lowest low) in OEX was at 480. SPX at 976, still well above its prior intraday low, at 945. Stay Tuned.

 
 
  Jeff Bailey   6/24/02,  11:53:19 AM
Anglogold (AU) $29.52 +2.35% ... breaking above Friday's "inside day" here. Short-term traders can look long on this shorter-term trader's signal, stop just below Friday's low of $28.40. Link

(see 09:52:14) ... Disclosure... I currently hold bullish position in AU.

 
 
  Jonathan Levinson   6/24/02,  11:43:22 AM
The TRINQ and the QQV have come down some more during this "lull", despite the fact that the COMPX has given up a few more points. While bond yields have been hovering around flat, precious metals are so far holding on to their gains. Declining volume has increased relative to advancing volume, now exceeding 6:1.

 
 
  Leigh Stevens   6/24/02,  11:20:50 AM
INDEX Comments: ALL - while everyone is probably speculating on when this market is a least going to have a dead cat bounce, the best the indices can do is form bear flag consolidations on the 30min. charts, suggesting further downswings ahead.

 
 
  Jonathan Levinson   6/24/02,  10:57:29 AM
The COMPX has weakened again, with declining volume back up slightly above 5 times advancing volume. But the TRINQ is much tamer at 1.41 and the QQV, up almost 2 on the day. The sellers are still firmly in control, and the TRINQ drop indicates more orderly selling than on Friday. MSFT is well-off its lows, now in the 52.50 area.

 
 
  Jim Brown   6/24/02,  10:55:29 AM
Pivot Trade Entry Point Alert - OEX/SPX/DJX
Go LONG the OEX/SPX/DJX with an OEX trade at 482.25 AFTER a trade at 481 or below. This represents a move back to the post 9/11 lows for the OEX but not the SPX. (SPX closing low was 965, intraday low was 944.75) This is a high risk signal and represents an attempt to enter a long trade on the bottom of the current down trend channel. By waiting for a trade back to 482.25 after a trade at 481 or below this minimizes to some extent the risk of the signal being triggered on a drop that does not stop.

Repeat Go LONG on an OEX trade at 482.25 ONLY after an OEX trade at 481 or below.

 
 
  Leigh Stevens   6/24/02,  10:51:25 AM
SECTOR Update: S&P 600 small Cap Index ($SML.X) & the Russell 2000 ($RUT.X) - the small cap sector indexes, while not "immune" to the overall market index are holding remarkably steady as the big cap S&P and Nasdaq 100 indices continue to fall - the small caps are seen as being closer to "fairly" valued or not OVER-valued as is the perception with their big-cap breathren.

 
 
  Jim Brown   6/24/02,  10:43:21 AM
Pivot Trade Signals
I do not plan on issuing a LONG signal should the markets move higher from here. I view the possibility of a meaningful move upward from here as slim. I will enter a signal from the 480 level shortly in case we get another downdraft. A bounce from the 480 level could get us back to 490 and provide a decent move. Otherwise we will look for an entry point for a new short on any move over 490

 
 
  Leigh Stevens   6/24/02,  10:37:52 AM
ON THIS DAY in 1509 Henry VIII is crowned King of England - yes THE Henry, with all the wifes that had an unusual method of "divorce". Ah, Price Charles has found that the modern would-be king is not so all powerful. He can't even have his girlfriend to the palace for lunch! AND, in 1964, the Federal Trade Commission announces that, in the following year, cigarette makers would have to include warning labels about the harmful effects of smoking. they should have WARNING LABELS about this market: Warning! - buying stocks may be harmful to your financial health.

 
 
  Leigh Stevens   6/24/02,  10:27:25 AM
SECTOR Update: Healthcare ($HMO.X) & Health Providers ($RXH.X) continue to retreat - in the case of the Providers, its from from the 370-371 area, where RXH made a double top relative to April - this index is Last at 348.6; the HMO (Health care Payors) has broken below its March-May up trendline - have been warning for a while in my SECTOR TRADER writings that the HMO group was making a top - the sector had continued to rise on LESS relative strength and had a bearish rising wedge on its daily chart.

 
 
  Jonathan Levinson   6/24/02,  10:26:43 AM
1450 still looks like the heaviest congestion area on the COMPX, but I'm expecting 1440 to provide a ceiling now.

 
 
  Jim Brown   6/24/02,  10:26:33 AM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Let's go ahead and close the open SHORT signal here at 486.81. (SPX 984) The Nasdaq is improving and could be leading the charge out of the lows.

 
 
  Jonathan Levinson   6/24/02,  10:22:48 AM
Market breadth has "improved" a bit on the COMPX, now just over 4:1 declining volume:advancing volume. The XAU has broken 80. The TRINQ and the QQV have eased off a bit, but so far, no bungy snap or significant rebound- just a slowing of the selling pressure.

 
 
  Jim Brown   6/24/02,  10:19:21 AM
At 9200 the Dow is down -533 points from Wednesday's intraday low.

 
 
  Jim Brown   6/24/02,  10:16:06 AM
Pivot Trade Exit Point Alert - OEX/SPX/DJX
Let's lower the stop loss on the open SHORT signal to an OEX trade at 488. There has simply been too big of a drop to push us down much farther without a bounce, even a small one. (SPX 986)

 
 
  Jonathan Levinson   6/24/02,  10:06:11 AM
Advacing volume is one fifth of declining volume on the COMPX, with QQV up 2.25 and the TRINQ at 2.56. MSFT has broken 52.

 
 
  Leigh Stevens   6/24/02,  9:56:18 AM
SECTOR Updates: Airline Index (XAL.X), Internet (INX.X), Telecoms Index (XTC.X) are the weakest sectors in early trading today. Airlines down on, what else, earnings downgrades. The Internet Index is now back at the low end of its broad daily downtrend channel. Tech stocks in general are still high on a P/E basis according to Lehman. Gold Sector (XAU.X) is higher this morning as it continues to rebound from the 74 area, representing just over a 50% retracement of XAU's sizable March - May run up. XAU has significant technical resistance back up in the 82-83 area - trading now 80.2

 
 
  Jim Brown   6/24/02,  9:54:16 AM
Pivot Trade Signals
The post Sept-11th intraday low for the OEX was 480.07. We are already below the close for the same day at 491.70. There is plenty of congestion in this area as speculators are viewing the -400 point Dow drop in the last three days as oversold. With a heavy week for economic reports as well as a Fed meeting I would still view any bounce as highly suspect.

 
 
  Jeff Bailey   6/24/02,  9:52:14 AM
Anglogold (AU) $29.35 +1.76% .... like this stock here at market, stop $28.25, target $31.90 near-term. Link

 
 
  Jonathan Levinson   6/24/02,  9:50:57 AM
If not already short the Compx, would you advise shorting at 1450?

It's a reasonable level to do so, but only with a tight stop just above, at max 1460. Beware the bungy snap- there is huge oversold pressure built up, and this could be the perfect opportunity to short in the hole and get nailed. I expect any bounce to fail, but above all, preserve your capital with a stop.

 
 
  Jonathan Levinson   6/24/02,  9:43:47 AM
I see resistance at COMPX 1450 and will look for a rollover there. However, the top of last week's down channel should be looming before that, at approx 1445.

 
 
  Jim Brown   6/24/02,  9:42:04 AM
The Dow appears to be stuck at 9220, which is providing intraday support so far. The Nasdaq appears to be headed for positive territory but for a Monday after expiration it is still to early to see any trends. The settlement volatility is very high and with thw flurry of downgrades this morning I am surprised the markets are doing so well.

 
 
  Jeff Bailey   6/24/02,  9:40:53 AM
US Dollar weak again today. US Dollar Index (dx00y) 107.58 -0.56 and now stronger violation of the December 2000 lows. Link (* chart is 30-minute delayed)

 
 
  Jonathan Levinson   6/24/02,  9:34:46 AM
QQV up 1.94 as the markets open, TRINQ at 2.16. Some buying is coming in, but fear and premiums have jumped.

 
 
  Jeff Bailey   6/24/02,  9:33:56 AM
Expedia (EXPE) $66.77 -1.27% ... Jeff: do you feel expe will test the 63.00 range now that it re traced to 71.00 level? its back down near 100 day level 67.29 usai stock seems to have it and room following its price up and down. by all rights this stock should have fallen with the market.

Yes I do. Continue to monitor USA Interactive (USAI) $24.84 -1.46% as I think EXPE will most likely track due to proposed acquisition. Watch for near-term support at the $21-$22 level in USAI. Link

 
 
  Jim Brown   6/24/02,  9:30:30 AM
Pivot Trade Signals
We are still short from Friday with an entry point of OEX 491. That is also our current stop loss. With world markets still sliding and downgrades on Dow components IBM and CAT the markets appear to be going lower at the open. This could be temporary since we have had 3 triple digit down days already.

 
 
  Jeff Bailey   6/24/02,  9:29:20 AM
Market Internals are still defensive. Little change to the Bullish % Charts from Friday's action. The more volatile NASDAQ-100 Bullish % ($BPNDX) saw a net loss of 1 stock to a sell signal on its point/figure chart and now has 20% (20 of the 100 stocks) of stocks in this market showing a "buy signal" on its chart. Link

With the S&P100 Link , S&P500 Link , NY Composite Link and NASDAQ Composite bullish % Link charts all still in columns of O's, a defensive posture is still warranted.

 
 
  Leigh Stevens   6/24/02,  9:26:10 AM
Pre-Opening INDEX Comments - Influences this morning include weaker European markets and a weak dollar.

 
 
  Jonathan Levinson   6/24/02,  9:24:27 AM
Gold up, bond yields down. QQQ currently bidding at 52.20, down from its close at 25.82. The extreme oversold reading from Friday make a bounce dangerous for bears looking to load up at the open. I believe the great Jesse Livermore got ruined by "shorting in the hole", so let's be careful today. While bears will be salivating to capture a possible "crash", the odds don't favor "extreme" events. Caution is in order.

 
 
  Leigh Stevens   6/24/02,  9:20:10 AM
Pre-Opening, Stock INDEXES - Good Morning - It's Showtime!

Index Futures trading: S & P > -5.00 ; D J > -57.00 ; Nas > -18.50

 
 

Market Monitor Archives