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Strategies & Market Trends : Sharck Soup

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To: besttrader who wrote (10783)	3/6/2001 3:56:42 PM
From: velociraptor_	Read Replies (1) of 37746

Knight...it looks like the following are all equivalent levels to watch.... 10,300 on the DOW 1215 on the S&P 2050 on the Nasdaq I doubt they would break such strong levels on a first try or even a retest, so this upside move is not unexpected. That's why I took profit on some of my earlier Puts and even bought some calls for part of the ride up. I still think those levels are going to break, but it will take some hammering. On the other side, the market has no good news to help it so now we end up consolidating on the lows, which is bearish. Recession is on progress and inventories will not see any relief in the near term. We've still got at least another bad quarter or two coming up and lots more wanrings. We also have no idea what the FED will do. 50bp is expected. At this point 50bp will get a sell-off since it will be priced in....anything less will be disastrous for the market psychology.

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