Tech Futures Change Tack

• September 19, 2000
• Marc Dupee

NASDAQ 100 futures
(
NDZ0 |
Quote |
Chart |
News |
PowerRating) are coming back from after sliding for eight of
the past 10 days and losing over 14%. The Nasdaq 100 is getting a boost from
Intel
(
INTC |
Quote |
Chart |
News |
PowerRating), which is rising on an analyst upgrade, as well as other heavyweights
Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) and JDS Uniphase/SDL Inc
(
JDSU |
Quote |
Chart |
News |
PowerRating). 

One way to get in on markets is on a pullback.
Self-fulfilling, or real, Fibonacci retracement levels, at times, work. The
accompanying chart shows how the 38% retracement of Monday’s low-to-high rally
served as a good place to get long on a pullback this morning. (Note: the 38%
level, like all Fib ratios, are derived by dividing the Fib
numbers–1,2,3,5,8,13,21,34,55,89,144,etc.–by themselves, in this case, 8/21 or
34/89).
Dow futures
(
DJZ0 |
Quote |
Chart |
News |
PowerRating) are falling on weakness from Alcoa, making good on their
Implosion-5 List
signal. 

 

Crude oil
(
CLX0 |
Quote |
Chart |
News |
PowerRating) is
down approximately 2%, but is holding within Monday’s high bar. Trading activity
is subdued in front of the weekly American Petroleum Institute (API) report on
national stockpiles. Crude is off .63 to 34.92. Natural gas
(
NGX0 |
Quote |
Chart |
News |
PowerRating), from
the Momentum-5
List, is currently trading on the highs of the session and
pressing to a new record. 

December T-bonds
(
USZ0 |
Quote |
Chart |
News |
PowerRating) are responding to lower
crude oil prices and are coming back from a three-day loss that clipped 2 full
points from December contract. 

Also from the Momentum-5
List, dollar index futures are tredding cautiously higher and trading at a
new record.