Tuesday, February 15, 2005


A delayed "effect" brought us to new highs for the year today, and no Indicators seem to be overextended. In fact, volatility is at recent lows with the VIX at 11.4, the Semis and gold's XAU also benign. Although the Nasdaq has been weak, with techs out of favor, the NAZ Volume rose against the NYSE to 139% last week. Hopefully the upward trend will hold and get us to Walter Bressert's 20-week cycle target of 1260-1320 on the SPX. We also hope that foreigners' reversed reluctance to buy both stocks and bonds last month will get back on track.

With record numbers of dollars coming out of Money Market Funds, mostly into the crowded trade of short term bonds, anyone who has a minimal knowledge of covered call options and/or an interest in hedging stock market exposure might want to check out: brentleonard.com for an alternative strategy that is low-risk as well as highly rewarding. For those of you wanting more details and actual trading results, a new book is available for $14.95 at Amazon.com: Zero (IN)Tolerance

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