Posted 10 March 2005 - 09:07 AM
For30 to 90 days horizon:Flat.
Formonitoring purposes:Long XAU, 87.96 on 4/21/04.
LongerTerm Trend monitoring purposes:Long SPX on 8/19/04 at 1091.23. Top may form in March 2005.
Secretsfrom profiting with Price and Volume. Learnthe trading rules I use that made me #5 in the S&P and #2 in Gold in 2004 (By TimerDigest). April 9 & 10 at the DenverMarriott tech Center. Clickon www.ord-oracle.com< /a> or Call forsign-up (402) 486-0362.
Whatto expect now:
OnMonday's commentary, we said, "What is interesting is the "Relative Strengthindicator" (RSI) on the NYSE index. Onthe Daily, Weekly and Monthly time frames on the NYSE index is that the (RSI) is over 70%(Overbought) on all time three frames. Thisis not to say the NYSE can not move higher near term, It can, but now is not a good timeto add to position. When the RSI is over 70%,it usually implies a good time to start lighten up on positions. We think a top could form somewhere between1225 to 1250 area on the S&P and we are in this range now." Since Monday the S&P have back off. Today's decline came on heavy volume and impliesstrength to the downside and a bearish sign. Wehave two lines drawn on the graph of the S&P 500 above, one from January high and oneform the mid February high. These twoline represent support where the market should have held on a pull back.. You can see that support was broken and broken onheavy volume. The most upside that can beexpected now is a test of the previous high on March 7 near the 1230. An ideal setup to trigger a sell signal is a testof the March 7 high and if this test is accompanied on reduced volume a sell signal wouldget triggered. The McClellan Summationalso has turned down and implies the trend is down. Nextweek is Option expiration week, which usually has a bullish bias. If a rally should materialize we could get abearish signal next week.
On 3/1/05 (intraday email report), webought IVAN at 2.60, We sold this position (3/9/05) today at 3.08 for 18% gain. We may buy this position back on the nextpull back. We are putting on ENG on ourwatch list, support near 2.05.
Tolearn more on "Ord-Volume" please visit www.ord-oracle.com.
Secrets fromprofiting with Price and Volume. Come learnthe trading rules I use that made me #5 in the S&P and #2 in Gold in 2004 (By TimerDigest). April 9 & 10 at the DenverMarriott tech Center. Click on www.ord-oracle.comor Call forsign-up (402) 486-0362.
At thisseminar, You will learn the rules I use to picks stocks that have direct impact on pricenear term. This seminar will shorten yourlearning cure on Volume and Price relationships. Onceyou learn how volume works with price, you will have confidence putting on trades that youknow will be successful. This Price andvolume method works on all time frames. Hurry,seats are limited.
