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The Ord Oracle 6/7/4


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#1 TTHQ Staff

TTHQ Staff

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Posted 07 June 2004 - 07:14 PM

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May 13 interview with Ike Iossif:http://marketviews.t...sts/Ord/pg1.htm
*Look for Tim's article in the May issue of the "Stock and Commodities Magazine".
For 30 to 90 days horizon: Long SPX (5/20/04) at 1089.18. (6/7/04) stop 1111.
Short term trades, one day to one-week horizon: Sold SPX (5/27/04) at 1121.26 for a profit of 2.19%. Long SPX on 5/12 at 1097.26.

We have "800" phone update that cost $2.00 a min. and billed to a credit card. Call (1-970-224-3981) for sign up. We update Eastern time at 9:45; 11:30; 1:30; 3:30 and 4:00. Question? Call me (402) 486-0362.

What to expect now:

Since the Summation index is still trending up (implies the trend is up) we will hold our position. Since the S&P was unable to hold the previous lows near the 1085 level this condition implies the S&P will try and take out the previous highs near the 1150 to 1160 area and is our upside target for the next resistance area. If the S&P break above the 1160 level which volume, then that would open the door to much higher prices to the1300 area. Volume on this rally so far has been unimpressive. We like to see higher volume to confirm the rally. If volume comes in at the 1160 level then that would imply a breakout to the upside. We are long a trade for a (30 to 90 day horizon) at 1089.18. We moved our stop (6/7/04) to 1111.

Nasdaq Composite:

A low was made on May 12 at the 1880 level on the Nasdaq. A re-test of this level came on May 17 and volume shrank by 18% and then closed above this level triggering a short-term bullish sign. At the time the signal was triggered the Nasdaq Summation index was still trending down and we elected to stay flat this market. Since that time the Summation index has turned back up and implies the trend is up for now. We were hoping a pull back would occur that would test the low of 6/3 near the 1960 level, but since the Nasdaq has broke above the previous high near the 2000 level, it implies the rally may continue. However, volume is lacking on this breakout and opens the door where the breakout could fail. Staying flat for now.

GOLD Market:

Decisionpoint.com daily "Price Momentum Oscillator" on the XAU hit down into extremely oversold level at the -5 range in mid May and has turned up, which implies the XAU has bottomed out. Courtesy of www.decisionpoint.com , a graph of the XAU can be seen with it's PMO. You will notice that when the PMO get down near -5 and turns up it usually heads towards the +5 range before topping out. Right now the PMO is still below the "0" level and the +5 range on the PMO is a long way away.

Long BGO at an average of 3.06. The "PMO" has turned up on BGO and implies the short term trend has turned up. Long CBJ for an average of price of 2.89. The PMO on CBJ has turned up and implies the bottom has been seen on this issue. Long NXG average of 2.26 and the PMO has turned up on this issue. Long GSS 1/2 position at 6.40 on 3/18. GSS PMO has turned up. Long PMU at average 1.12 and the PMO has turned up.

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The McClellan Oscillator closed at -366 on May 10 and in an area where previous intermediate term lows has occurred. Today's close came in at +255 and in overbought territory.The “Percent Volume” Indicator closed today at .58. This indicator is near the overbought level for short term. “Five day ARMS” indicator is at 4.81. This indicator is neutral to bullish territory.Conclusion: long SPX (5/20/04) at 1089.18 for an intermediate term trade.Longer Term Trend: Starting to look more bullish but still neutral.

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