NazDogs Tap Dance On 1900

• February 28, 2001
• Marc Dupee

Nasdaq 100 futures
(
NDH1 |
Quote |
Chart |
News |
PowerRating) are rebounding after tapping down to a new
contract low of 1900. This is a 26-month low on the Nasdaq 100 cash
(
NDX |
Quote |
Chart |
News |
PowerRating). 

Eleven of the dozen most heavily weighted stocks on the Nasdaq 100
(
NDX |
Quote |
Chart |
News |
PowerRating) are
trading in the bottom half of their ranges. Oracle
(
ORCL |
Quote |
Chart |
News |
PowerRating) -1 1/2 at 20 1/2
and Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) -2 1/2, at a 52-week low of 53 1/8, are leading to the
downside. 

April gold
(
GCJ1 |
Quote |
Chart |
News |
PowerRating), which may be short-term overbought due to its
recent powerful rally, gapped lower, then rallied and is providing entry at its
Pullback From Lows
trigger: yesterday’s low (in the 267.5 area). Gold is currently trading 266.6,
down 1.8. 

Also in the metals, silver
(
SIK1 |
Quote |
Chart |
News |
PowerRating) has
traced an engulfing bar just above its contract low. Engulfing bars are reversal
signals.

Demonstrating unusual strength, hogs are rallying for an eleventh
consecutive day. Hogs and March pork bellies
(
PBH1 |
Quote |
Chart |
News |
PowerRating) are both
on the Momentum-5
List. Bellies are also up .300 at 77.950.