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Reality Check Charts
a weekly feature

 Chart Commentary by
Mitch Harris of the Reality Check newsletter

Chart Archives
Chart of the Week: 3/7/01 NASDAQ Tracking Stock (QQQ)
1-Year Daily Chart of Nasdaq-100 Index Tracking Stock.

Due to a few indications of confusion regarding Tuesday’s reporting of trades that were done during Friday’s trading, I am presenting a chart of the QQQ’s with three daily indicators, my Elliott Wave Count, and an Alternate Wave Count (in Blue).

After reviewing these and other indicators on Friday, it was determined that AT LEAST the short term trading decline was running out of gas, and many indicators were in position to turn bullish. We therefore covered our short at 47 �, that had been held since 1/19, at 68 and pointed out that I went long at 46 7/8 for my own short term trading account.

The indicators have turned bullish, with the exception of the slower moving MACD indicator on the bottom, which is JUST turning bullish now. We try to do these on a timely basis and our prices are often achievable by the time of our Tuesday and Friday updates. We must also point out that most of our recommendations are not meant to be timed in such a short term way as to make the trade obsolete after only one or two days, in between the updates. This doesn’t even account for the times that a recommendation has been LOWER by the time of the next update. We have determined on many occasions that our recommendations can and should be pursued as they are received, but that generally, they are not so time sensitive as to be missed, if we do not issue them as it is made. We will attempt to do these more closely to when they are issued, but because we have many other daily work commitments, we cannot guarantee this all the time. For now, we hold to our recommendation, to attempt buying with a stop at 45, just below the last low that was at 45 �. We hope this helps.

Best Regards,

Mitch Harris, RIA

Editor, The Reality Check Newsletter

 

 

              Market Trend Realities (MTR) is a Registered Investment Advisory which manages personal, corporate, Trust, and retirement accounts on a fee only basis. Several low cost, flexible management fee arrangements are available. Investment Advisor, Mitch Harris has studied the Point & Figure Charting Method under the direct supervision of Michael Burke, Editor of the prestigious Investors Intelligence research organization. Management is based on a unique combination of technical analysis methods and tools which include, The Point & Figure charting method, Elliott Wave Analysis & techniques, industry group analysis, cycle analysis, Relative Strength Analysis, Stochastics, and investor sentiment studies. MTR offers a very uniquely structured managed mutual fund program using the RYDEX family of mutual funds, which offer outperformance potential whether equity markets are rising OR falling! Inquiries are welcome by calling us at (513) 421-8737, or by email at: mtr@fuse.net  

               MTR also publishes a monthly investment newsletter called "Reality Check", which offers technical commentary on the stock & bond markets, the Dollar Index, gold & gold stocks (XAU), Treasury yields, utilities, investor sentiment, and Federal Reserve policy. It also offers stock trading recommendations each month with price targets, stop loss points and insider activity. There are 4 trading portfolios, including a short selling account (we are very proud that our short sale recommendations have averaged 12.5% "compounded" during the roaring bull market of the last 5 years). Short term market commentaries are updated on Tuesday and Friday mornings, along with portfolio changes on this web page. They are also emailed for free to anyone who provides us with their email address. The regular subscription rate is $200 (US) per year. A special first time subscriber rate of $139 is available to  viewers. Samples are available upon request. MTR will be happy to send information on any of the above mentioned services. Please email us your home or business address and specify your interest(s).

 

 

 
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Last modified: December 02, 2001

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