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Reality Check Charts
a weekly feature
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Chart Commentary by
Mitch Harris of the Reality Check newsletter |
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| 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
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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
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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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