The Nasdaq (3165): Quarterly and annual value levels are 3071, 2806 and 2790 with the Sept. 21, 2012 high at 3196.93 and my monthly risky level at 3250.

The Nasdaq 100 Index (2747): Annual value levels are 2463 and 2385 with a quarterly and monthly risky levels at 2798 and 2871.

The Dow Transportation Average (5887.34): Ended Thursday at yet another new all-time closing high, which is amazing considering that the transportation sector is 20.4% overvalued. My annual, monthly and quarterly value levels are 5469, 5440 and 5094 with annual and semiannual risky levels at 5925 and 5955.

The Russell 2000 (908.10): Annual, quarterly and annual value levels are 860.25, 821.01 and 809.54 with a monthly pivot at 911.32 and semiannual risky level at 965.51.

The PHLX Semiconductor Sector Index (419.26): Quarterly and annual value levels are 371.62 and 338.03 with a monthly pivot at 409.08, and quarterly and semiannual risky levels at 440.36 and 520.17.

At the time of publication the author held no positions in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Richard Suttmeier has an engineering degree from Georgia Tech and a master of science from Brooklyn Poly. He began his career in the financial services industry in 1972 trading U.S. Treasury securities in the primary dealer community. In 1981 he formed the Government Bond Department at LF Rothschild and helped establish that firm as a primary dealer in 1986. Richard began writing market research in 1984 and held positions as market strategist at firms such as Smith Barney, William R Hough, Joseph Stevens, and Rightside Advisors. He joined www.ValuEngine.com in 2008 producing newsletters covering the U.S. capital markets, and a universe of more than 7,000 stocks. Richard employs a "buy and trade" investment strategy and can be reached at RSuttmeier@Gmail.com.

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