Replies to post #1362 on Profunds index and sector trading (PRO)

[was Steve]

Update to medium and short term views. details of post to be included on thread header page.
steve

medium term view:Updated 4/10/03 Further downgrade to Bearish from neutral stance. Plan now calls for short positions and puts. longs and calls are allowed but only a much smaller percent of the account can be used for this.

Short term view: 4/10/03 Highs appear to be in by wed the 9th as forecasted. dow, spx and nas had marginally higher highs than on 3/21. ndx and sox didn't. Imo we essentially topped out 3/21 and this was an effort to get back there. we gapped up huge on monday and exceeded two of the targets momentarily before a wicked reversal. todays follow thru confims the updtrend is over. we could go sideways a bit, but i believe we are heading down. no targets for the downside yet.

nas topped out at 1430, 5 pts above the absolute max target
spx topped out at 903, 10 pts less than the absolut max target
dow i didnt have a target on cause i really dont trade it
ndx whimped out and didnt make the 1100-1110 range falling 7 pts short.

[positiontrader]

Steve,

Thanks for the post.It is a ongoing learning experience.If we do go down today this will confirm the downtrend and I will only go long on suspected countertrend days.I will zip up my bearsuit if this happens.

Regards

Marc