Opportunity In Indices

  • June 22, 2004
  • Kevin Haggerty

What Monday’s Action Tells
You

The rally from the 05/06
(
SPY |
Quote |
Chart |
News |
PowerRating) low of
108.05
to 114.92 on 06/08 was on declining volume, and this eight-day retracement
to
the 20-day EMA has been on even lighter volume, as the SPY closed yesterday
at
113.20 vs. its 20-day EMA of 113.08. The 50-day EMA is below at 112.62.
Yesterday’s SPY intraday low was 113.13, and this flag pattern hasn’t even
retraced .382 to the 108.06 low, which would be 112.30. The 89-day EMA is
112.20. If this rally from the 108.06 rising 200-day EMA is to continue,
then
they must break out the flag pattern to the upside sooner than later, or
else
the SPX will put in some more downside.

The downside offset might be a six-month
window
dressing through the end of June. The long synthetic straddle is well
situated
for a move in either direction, but right now there have been only two
adjustments due to the lack of volatility, and the September time premium is
ticking away, so this corner obviously is betting on an increase in
volatility
and the direction doesn’t matter.

Yesterday’s market action was another
non-event
until the mini-knife down from 2:30 p.m. – 4:00 p.m. ET for the major
indices.
In addition to the SPYs, the
(
QQQ |
Quote |
Chart |
News |
PowerRating)s traded down to a 36.15 close, with
an
intraday low of 36.06 vs. its 50-day EMA of 36.08 and the 89-day EMA is just
below at 36.

You were obviously looking for intraday long
side
opportunity yesterday in this zone, and that is how we start the trading
today.
The volume ratio, breadth ratio and 5 RSI are all neutral after yesterday’s
market action. There was some profit taking in the
(
OIH |
Quote |
Chart |
News |
PowerRating), -1.1%, after
its
breakout of the 68.50 – 65 box that carried to a 71.32 high on Friday. The
(
SMH |
Quote |
Chart |
News |
PowerRating)s are down 8.2% in eight days from 38.83 – 35.63, while closing
yesterday at 35.72. Some percentage retracement to the upside here should
not
surprise you.

style=’font-size:9.5pt;font-family:Arial’> 

style=’font-size:10.0pt;font-family:Arial;color:blue’>Tuesday style=’font-size:10.0pt;font-family:Arial;color:blue’>

6/15 25.5pt’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>Wednesday style=’font-size:10.0pt;font-family:Arial;color:blue’>

6/16 25.5pt’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>Thursday style=’font-size:10.0pt;font-family:Arial;color:blue’>

6/17 25.5pt’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>Friday style=’font-size:10.0pt;font-family:Arial;color:blue’>

6/18 25.5pt’>


Monday

6/21
style=’font-size:10.0pt;font-family:Arial;color:blue’>Index style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

style=’font-size:9.5pt;font-family:Arial’> 

style=’font-size:9.5pt;font-family:Arial’> 

   style=’font-size:9.5pt;font-family:Arial’>

   style=’font-size:9.5pt;font-family:Arial’>
style=’font-size:10.0pt;font-family:Arial;color:blue’>SPX style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

   style=’font-size:9.5pt;font-family:Arial’>

   style=’font-size:9.5pt;font-family:Arial’>
style=’font-size:10.0pt;font-family:Arial;color:blue’>High style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1137.36

 style=’font-size:9.5pt;font-family:Arial’> 1135.28

 style=’font-size:9.5pt;font-family:Arial’>1133.58

 1139.08
style=’font-size:9.5pt;font-family:Arial’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>Low style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1125.29

 style=’font-size:9.5pt;font-family:Arial’> 1130.55

 style=’font-size:9.5pt;font-family:Arial’>1126.88

   style=’font-size:9.5pt;font-family:Arial’>1129.82

style=’font-size:10.0pt;font-family:Arial;color:blue’>Close style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1132

 style=’font-size:9.5pt;font-family:Arial’> 1133.60

 style=’font-size:9.5pt;font-family:Arial’>1132.03

   style=’font-size:9.5pt;font-family:Arial’>1135

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+0.6

 style=’font-size:9.5pt;font-family:Arial’> +0.1

 style=’font-size:9.5pt;font-family:Arial’>-0.1

   style=’font-size:9.5pt;font-family:Arial’>+0.3

style=’font-size:10.0pt;font-family:Arial;color:blue’>Range style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>12.1

 style=’font-size:9.5pt;font-family:Arial’> 4.7

 style=’font-size:9.5pt;font-family:Arial’>6.7

   style=’font-size:9.5pt;font-family:Arial’>9.3

style=’font-size:10.0pt;font-family:Arial;color:blue’>% Range style=’font-size:10.0pt;font-family:Arial;color:black’>  style=’font-size:9.5pt;font-family:Arial’>

 style=’font-size:9.5pt;font-family:Arial’>55

 style=’font-size:9.5pt;font-family:Arial’> 65

 style=’font-size:9.5pt;font-family:Arial’>77

   style=’font-size:9.5pt;font-family:Arial’>56

style=’font-size:10.0pt;font-family:Arial;color:blue’>INDU style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>10380

 style=’font-size:9.5pt;font-family:Arial’> 10380

 style=’font-size:9.5pt;font-family:Arial’>10378

   style=’font-size:9.5pt;font-family:Arial’>10416

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+0.4

 style=’font-size:9.5pt;font-family:Arial’> 0

 style=’font-size:9.5pt;font-family:Arial’>-.02

   style=’font-size:9.5pt;font-family:Arial’>+0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>Nasdaq style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1996

 style=’font-size:9.5pt;font-family:Arial’> 1998

 style=’font-size:9.5pt;font-family:Arial’>1984

   style=’font-size:9.5pt;font-family:Arial’>1987

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+1.3

 style=’font-size:9.5pt;font-family:Arial’> +0.1

 style=’font-size:9.5pt;font-family:Arial’>-0.7

   style=’font-size:9.5pt;font-family:Arial’>+0.2

style=’font-size:10.0pt;font-family:Arial;color:blue’>QQQ style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>36.82

 style=’font-size:9.5pt;font-family:Arial’> 36.80

 style=’font-size:9.5pt;font-family:Arial’>36.40

   style=’font-size:9.5pt;font-family:Arial’>36.44

style=’font-size:10.0pt;font-family:Arial;color:blue’>% style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+1.4

 style=’font-size:9.5pt;font-family:Arial’> 0

 style=’font-size:9.5pt;font-family:Arial’>-0.9

   style=’font-size:9.5pt;font-family:Arial’>+0.1

style=’font-size:10.0pt;font-family:Arial;color:blue’>NYSE style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

   style=’font-size:9.5pt;font-family:Arial’>

   style=’font-size:9.5pt;font-family:Arial’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>T. VOL style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1.34

 style=’font-size:9.5pt;font-family:Arial’> 1.17

 style=’font-size:9.5pt;font-family:Arial’>1.30

   style=’font-size:9.5pt;font-family:Arial’>1.50

style=’font-size:10.0pt;font-family:Arial;color:blue’>U. VOL style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>1.04

 style=’font-size:9.5pt;font-family:Arial’> 631

 style=’font-size:9.5pt;font-family:Arial’>702

   style=’font-size:9.5pt;font-family:Arial’>901

style=’font-size:10.0pt;font-family:Arial;color:blue’>D. VOL style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>286

 style=’font-size:9.5pt;font-family:Arial’> 511

 style=’font-size:9.5pt;font-family:Arial’>552

   style=’font-size:9.5pt;font-family:Arial’>574

style=’font-size:10.0pt;font-family:Arial;color:blue’>VR style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>78

 style=’font-size:9.5pt;font-family:Arial’> 55

 style=’font-size:9.5pt;font-family:Arial’>56

   style=’font-size:9.5pt;font-family:Arial’>61

style=’font-size:10.0pt;font-family:Arial;color:blue’>4 MA style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>43

 style=’font-size:9.5pt;font-family:Arial’> 52

 style=’font-size:9.5pt;font-family:Arial’>51

   style=’font-size:9.5pt;font-family:Arial’>62

style=’font-size:10.0pt;font-family:Arial;color:blue’>5 RSI style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>56

 style=’font-size:9.5pt;font-family:Arial’> 58

 style=’font-size:9.5pt;font-family:Arial’>54

   style=’font-size:9.5pt;font-family:Arial’>60

style=’font-size:10.0pt;font-family:Arial;color:blue’>ADV style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>2591

 style=’font-size:9.5pt;font-family:Arial’> 1778

 style=’font-size:9.5pt;font-family:Arial’>1875

   style=’font-size:9.5pt;font-family:Arial’>1828

style=’font-size:10.0pt;font-family:Arial;color:blue’>DEC style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>753

 style=’font-size:9.5pt;font-family:Arial’> 1505

 style=’font-size:9.5pt;font-family:Arial’>1375

   style=’font-size:9.5pt;font-family:Arial’>1444

style=’font-size:10.0pt;font-family:Arial;color:blue’>A-D style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+1838

 style=’font-size:9.5pt;font-family:Arial’> +273

 style=’font-size:9.5pt;font-family:Arial’>+500

   style=’font-size:9.5pt;font-family:Arial’>+384

style=’font-size:10.0pt;font-family:Arial;color:blue’>4 MA style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>-412

 style=’font-size:9.5pt;font-family:Arial’> +61

 style=’font-size:9.5pt;font-family:Arial’>+89

   style=’font-size:9.5pt;font-family:Arial’>+749

style=’font-size:10.0pt;font-family:Arial;color:blue’>SECTORS style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’> 

   style=’font-size:9.5pt;font-family:Arial’>

   style=’font-size:9.5pt;font-family:Arial’>

style=’font-size:10.0pt;font-family:Arial;color:blue’>SMH style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+1.4

 style=’font-size:9.5pt;font-family:Arial’> -1.2

 style=’font-size:9.5pt;font-family:Arial’>-3.0

   style=’font-size:9.5pt;font-family:Arial’>-0.2

style=’font-size:10.0pt;font-family:Arial;color:blue’>BKX style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+0.6

 style=’font-size:9.5pt;font-family:Arial’> -.07

 style=’font-size:9.5pt;font-family:Arial’>-.06

   style=’font-size:9.5pt;font-family:Arial’>+0.5

style=’font-size:10.0pt;font-family:Arial;color:blue’>XBD style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>-1.2

 style=’font-size:9.5pt;font-family:Arial’> +0.3

 style=’font-size:9.5pt;font-family:Arial’>-0.7

   style=’font-size:9.5pt;font-family:Arial’>+0.7

style=’font-size:10.0pt;font-family:Arial;color:blue’>RTH style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+0.8

 style=’font-size:9.5pt;font-family:Arial’> +.02

 style=’font-size:9.5pt;font-family:Arial’>-0.5

   style=’font-size:9.5pt;font-family:Arial’>-0.4

style=’font-size:10.0pt;font-family:Arial;color:blue’>CYC style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+0.9

 style=’font-size:9.5pt;font-family:Arial’> -.07

 style=’font-size:9.5pt;font-family:Arial’>+0.2

   style=’font-size:9.5pt;font-family:Arial’>+1.0

style=’font-size:10.0pt;font-family:Arial;color:blue’>PPH style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+.05

 style=’font-size:9.5pt;font-family:Arial’> +0.3

 style=’font-size:9.5pt;font-family:Arial’>+0.2

   style=’font-size:9.5pt;font-family:Arial’>-0.1

style=’font-size:10.0pt;font-family:Arial;color:blue’>OIH style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+2.8

 style=’font-size:9.5pt;font-family:Arial’> +2.7

 style=’font-size:9.5pt;font-family:Arial’>+0.8

   style=’font-size:9.5pt;font-family:Arial’>-.08

style=’font-size:10.0pt;font-family:Arial;color:blue’>BBH style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>-.02

 style=’font-size:9.5pt;font-family:Arial’> +0.8

 style=’font-size:9.5pt;font-family:Arial’>-0.5

   style=’font-size:9.5pt;font-family:Arial’>-0.1

style=’font-size:10.0pt;font-family:Arial;color:blue’>TLT style=’font-size:9.5pt;font-family:Arial’> 

 style=’font-size:9.5pt;font-family:Arial’>+2.1

 style=’font-size:9.5pt;font-family:Arial’> -0.4

 style=’font-size:9.5pt;font-family:Arial’>+0.7

   style=’font-size:9.5pt;font-family:Arial’>-0.2

.75pt’>XAU style=’font-size:9.5pt;font-family:Arial’> 

 .75pt’>+2.8

 .75pt’> +0.6

 .75pt’>+0.9

 +2.0
Footer logo
Linkedin-in Twitter Youtube

Quick Links

Menu

Company Info

The Connors Group, Inc.
8270 Woodland Center Blvd
Tampa, FL 33614
www.cg3.com

Contact

Company Resources

Menu
© Copyright 2024 The Connors Group, Inc.