August 16, 2002
Primary cycle is in a down-trend.
The Nasdaq Composite gained 1.2%, to close at 1361, above
resistance at 1355, signaling the start of a secondary
The primary cycle is in a down-trend.
The S&P 500 eased 2 points to close at 928. The primary cycle is in a down-trend.
A better-than-expected outlook from Dell sparked purchases of chip stocks. (more)
President Bush and Alan Greenspan are putting the best possible face on weak economic data. (more)
Mayne group stock fall 8% after warning of deteriorating earnings. (more)
NCP has been in the news after the stock rallied more than 15% over the last 2 weeks, shortly after posting an Australian record loss. After completing a double top/symmetrical triangle at [M] the stock has been in a stage 4 decline, completing a descending triangle at [D] before falling to a new support level [S] at 8.40.
Interesting: the descending triangle is a bearish pattern with a calculated target of 4.42 .... only for the brave.
Stage changes are highlighted in bold.
- Energy [XEJ] - stage 1 (RS is rising)
- Materials [XMJ] - stage 4
- Industrials [XNJ] - stage 4 (RS is rising)
- Consumer Discretionary [XDJ] - stage 4
- Consumer Staples [XSJ] - stage 4 (RS is rising)
- Health Care [XHJ] - stage 4
- Property Trusts [XPJ] - stage 4 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is rising)
- Information Technology [XIJ] - stage 4
- Telecom Services [XTJ] - stage 1 (RS is rising)
- Utilities [XUJ] - stage 2 (RS is rising)
A stock screen of the ASX 200 using % Price Move (1 month: +5%) shows the strongest sectors as:
- Electric Utilities
- Construction Materials
- Diversified Commercial Services
...thou art no thy-lane, (alone)
In proving foresight may be vain:
The best laid schemes o' Mice an' Men,
Gang aft agley, (often go wrong)
An' lea'e us nought but grief an' pain,
For promis'd joy!
- Robert Burns, to an investment analyst.