Thanx Vets
The Dow gave up 49 points while the Nasdaq NDX slipped 7 points. The Russell RUT gained 6 points and
was the only broad based index up for the week. Overall Sector Action for the week was minus 995. 11
Sectors were up while 23 were down.
The Bulls stumbled. If the Russell index RUT had not managed a gain I would be expecting a free fall this
week. The broad based Russell needed to join the party for the market to continue upward.
Rydex Alerts- Took profits on Bearish OTC position Thursday leaving me Short Russell.
May cover that Tuesday and flip long.
Short term - Neutral. Took a small profit on OEX Puts.
INTERMEDIATE TERM TRENDS- Bullish
INTERMEDIATE OSCILLATOR - Peaked on Weds May 9th. While we may see a bounce this
week it will take some time to establish a base for the market to make and maintain new
highs.
Wireless WMH - Still number one in overall rank with some takeover activity. Qualcomm QCOM is a good
hold with some potential.
Oil XOI- Up in price and rank however Action was negative. Take profits or sell covered Calls on these
stocks. A mixed blessing if oil stocks fall because they are huge components of the Dow and S&P indices.
China CZH- Ran into profit taking falling in rank and price. Another good test to the downside appears
inevitable.
Technology TXX, SOX, NWX- No leadership here but there needs to be. The Bearish ETF, SSG is working
out nicely. We will trade this a bit taking profits on down days and buying again before as tech looks weak
but is not a cliffhanger yet.
Utilities UTY - Took a nose-dive with higher interest rates and a slowing economy. Good buys on further
pullbacks.
Pharmaceutical DRG and Biotech BTK- Both in the lower ranks running into profit taking. I would like to
see Biotechs in particular take a leadership role for the overall market.
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