Dead Even

April 5, 2001
Kevin Haggerty

It
looked like the raid on the 1081
SPX low and the 1088.50 S&P futures low was going to be successful early on
and create a bit more of a washout from Tuesday, but the S&P 500
(
SPX |
Quote |
Chart |
News |
PowerRating) made its intraday low at 1092 on
the 10:20 a.m. bar, then rallied to a Double Top at 1117.50, before an
afternoon downtrend that took it back to 1093.85 on the 3:30 p.m. bar, closing
at 1103.25, -0.3% on the day.

The Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating)
ended -2%, the Dow +0.3%. In the sectors, it was essentially the SOX (-5.5%) and
the XAU gold index (+5.2%). The
Energies popped up after two days down, with the OSX (+3.6%) offset by the XBD
(-3.4%).Â The charts of the NDX and
SPX look like bell curves.

The total volume was 1.4 billion, with 710 million up
and 708 million down, just one big push. Advancers and decliners were
essentially dead even. My screen had the Basics,
Energies and Drugs green at the end, Techs and Financials all red. Much more
exciting the other way around.

JNPR had traded in a trading range of 22 bars between
32.85 and 31.75 before coming out on the downside to an intraday low of 28.60 by
3:30 p.m. CIEN had the same
pattern between 38.68 and 37.5, and then broke down from 37.5 to 34.25. Both of
these shorts were in tandem with the 1,2,3 short entry in the NDX.

(June
Futures)

Fair Value

Buy

Sell

8.10

.9.40Â

6.45Â

I will be on vacation until
next Wednesday, and back on the site Thursday morning. I am disappointed to be
en route tomorrow and not get a chance at the game around the 1081 low if it
happens. Trade it well.Â