Return Of The Futures Androids

November 30, 2001
Kevin Haggerty

NYSE
volume was just about average if
you consider the 200 million in Enron
(
ENE |
Quote |
Chart |
News |
PowerRating). Breadth was +781. The major
indices trended up as the NDX
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) went up, down, up, and was the
leader at +2.7%, led by the semis, with the
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) finishing +4.2%. The
NDX traded geometrically again, with the first leg up topping at a retracement
to the previous day’s high and the down leg right on a retracement to the
previous day’s low. See your five-minute charts.

The SPX
(
$SPX.X |
Quote |
Chart |
News |
PowerRating)
had a similar first two legs, with the first up leg only making it to the .50 RT
of the previous day’s high, thus lagging the NDX. It appeared that the SPX
wasn’t going to make a higher high on the last leg up, until, like magic, the
futures androids appeared at 3:25 p.m. and ran it up to close at 1140.20. That
drill made every Slim Jim player at TradingMarkets very happy. So goes the game.

Stocks
Today

There are some excellent
daily chart setups today if the Generals show up this last trading day of the
month with cash to go. Biotechs and semis have been the leaders, but with semis
fading on news in after-hours trading, it makes biotechs our first focus today.

Have a good trading day.

Five-minute chart of
Thursday’s SPX with 8-, 20-,
60- and 260-period
EMAs

Five-minute chart of
Thursday’s NYSE TICKS

If you would like to
receive Kevin’s Daily Volatility Bands to identify price reversal levels in
stocks, click
here.

Return Of The Futures Androids

BUY THE FEAR, SELL THE GREED

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