Path For The US Week Of 23 June 2003

[SUNSEEKER]

sunseeker, I love that handle...it is a beautiful concept...the boat, the life style dream of being a sunseeker, and the sun as the basis of all life.....

anyway, I am going to Edinburgh Thursday so I will not post much. I hope there will be some from this site coming to the Scotsman hotel. We need some guidance as to where to go out and party afterwards...According to the Financial Times Wednsday everyone in the City drinks 5 pints a day, snorts lots of cocaine and are extremely manly.....aah, you can't beat a drop of ...whats the words I am looking for......preconception, or stereotype?

 

[SUNSEEKER]

a320, good old Fins?????????????????

)))))))))))))))))))))

 

[a320]

Thats the one's, despite their technical problems from 19:00 onwards

Have a good one in Edinburgh, your up late tonight, getting some practice in for the after party :?:


Cheers a320

 

[SUNSEEKER]

a320, i have made a point never to argue against other traders. I checked out Marcs site...cool stuff, but the trend being intact until 8415 is too much for me....then again I try to forecast, and i use different stuff ...each to their own...gotta get some sleep, otherwise those Scottish geezers aint gonna be impressed that I fall asleep during....aint gonna be worth a pot to p.... in

 

[SUNSEEKER]

nah, I am working a320....

I am checking all the geometry for all the indices.....it is the best way to get a grip on what is going on in the market, and to identify potential opportunities....

just had an email from a friend at Bloomberg...apparently there was a leakage of a big sell re-weighting program for Monday and the big arbs like Goldman and Lehman smacked the market down in anticipation....ahh, those boys are really something...it always pays to figure out what those scumbags are up to.....

anyhoot now I am really a goner

 

[stevem12]

TOM,

correct me if i`m wrong ( which I often am, just ask the wife) the last time I saw you, you had very little hair. Is it prudent for a northern european with little hair to be seeking the sun

Steve

PS only joking dude

 

[SUNSEEKER]

:cheesy:

LOL

 

[SUNSEEKER]

There is a clear misconception today that the market sold off due to the interest rate cut. That is not the case. The reason why the Dow got smacked after the rate decision was because of the big re-weighting programs that are due to take place at month-end in the US. It was leaked last night that this re-balancing of the Russel 3000 and other indices would mean that several big cap stocks were “for sale” at the close of Monday night. What the big investment houses did last night was to front run these orders by shorting the market. If you look at some of the individual stock names you will for example see that
Fannie May is for sale and got hit, but Freddie Mac needs to be bought and was up for the day. Other stocks that are “to buy” on Monday are stocks like Motorola and AOL. Some of the biggest stocks like Cisco, MSFT, IBM and other huge stocks are all for sale into month-end.


The 975 area in the SP500 cash held at the close although the futures sold off after the bell. If the market is making new lows after the first 45 minutes today the bulls are in trouble. The 975 area needs to hold. Otherwise we will see the S&P500 at 965 and then 954. Above 980 will mean a trip back up to 990. I am still leaning towards either a slight new high going a lower high going into the 2nd July time frame. After that all bets are off and we should see a good sell off. For now we are merely marking time.

The Expected Path worked well up until the final hour. According to the path today we should see some mid-day weakness.

It is encouraging to see the European markets higher. It leaves me fairly confident that the big institutions will try to mark up their portfolios after all going into quarter end.

 

[purplekiwi]

Many thanks for that Tom, it is great to have someone on the "inside" who is able to access that sort of information and willing to share it.

Thanks again and keep up the excellent work - have really enjoyed following this thread and hopefully learning something too.

Chris

 

[Dr Mike]

Hi Tom

Just a short note to let you know how much I appreciate your postings.

I think your moniker "Sunseeker" is more in keeping with the personality that you display on Bloomberg than the rather stern photo that appears on moneyam.

PS I also took a few extra points off the SBs yesterday. Although the range breakout system I'm using eventually signalled a sell I jumped the gun and went in early based on your info on the Fed spike!

 

[china white]

sunseeker:

sorry m8 - completely off-topic! I am flying to LA next week, getting my dude posse assembled - and off to Baja California in Mexico for 2 weeks of surfing etc...... fancy coming along?

btw whats yr board? I've got a nice Malibu, bot in Rio actually - perfect board!

cheers m8

 

[stevem12]

Lot of support @ 9000 on Dow & YM today. Made even nicer by the fact it was yesterdays low on the Dow.

Steve

 

[SUNSEEKER]

just back from Edinburghm and frankly not in the mood to trade,

I want you to be aware of the potential for end-of -quarter mark up. Friday and monday are the last days of the month/quarter.

I will try to post something a little later today.


Sun

PS: Was that surf invitation for me? I used to surf a 6 foot 8 inch board called Van Zantan....nice stick, but I could not surf it....needed a malibu to catch the waves in Wales

Sun