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October 25, 2002
The Nasdaq Composite Index rallied 2.5% to close at the previous day's high of 1331. The primary trend will reverse if there is a break above 1426.
The S&P 500 rallied 15 points to close at 897. The primary trend is down. The index will complete a double bottom reversal if it rises above 965.
The Chartcraft NYSE Bullish % Indicator has swung to a bull alert signal at 36% (October 24).
Some of the biggest gainers in the last 2 weeks have been companies in the worst affected sectors. (more)
New York: Spot gold is up 180 cents at $US 313.10.
The Slow Stochastic (20,3,3) threatens to cross below its signal line. MACD shows a bullish divergence while Twiggs money continues to whipsaw around the zero line.
Last covered on August 2.
After a stage 2 down-trend UEL signaled a reversal with a higher trough followed by a break above the previous high, in July 2002. Relative strength (price ratio: xao) signaled the reversal with a similar upward break above the previous high.
Changes are highlighted in bold.
- Energy [XEJ] - stage 4 (RS is level)
- Materials [XMJ] - stage 1 (RS is level)
- Industrials [XNJ] - stage 4 (RS is falling)
- Consumer Discretionary [XDJ] - stage 4 (RS is level)
- Consumer Staples [XSJ] - stage 1 (RS is rising)
- Health Care [XHJ] - stage 4 (RS is falling)
- Property Trusts [XPJ] - stage 2 (RS is rising)
- Financial excl. Property Trusts [XXJ] - stage 4 (RS is falling)
- Information Technology [XIJ] - stage 4 (RS is falling)
- 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%) returned 33 stocks (compared to 99, August 23rd and 10 on October 4th). Notable sectors are:
- Diversified Metals & Mining
- Health Care Distributors & Services
- Real Estate Investment Trusts.
I am certainly convinced of this: that it is better to be impetuous than cautious, because Fortune is a woman.....
And it is seen that she more often allows herself to be taken over by men who are impetuous than by those who make cold advances.....
- Niccolo Machiavelli, The Prince (1513).
With apologies to the ladies. NM's entire point is that Fortune favors those who may normally be cautious, but act boldly when required.