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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Winkman777 who wrote (58031)1/6/2000 3:43:00 PM
From: ItsAllCyclical   of 95453
 
(Techs) - Quite a swing for the techs and QQQ today. Has to be pretty discouraging to see a 3% gain turn into a 3% loss. I think the selling is almost over. Some interesting commentary on CNBC last night talking about market tops. They said going back in history they couldn't find one example where the market simply kept heading down from the high. As such they expect this selloff to be somewhat short lived and then we'll have one more run and make some new highs, but after that watch out.

I'm looking for a target of around 160-156 (50 dma) for the techs before turning, but wouldn't be surprised if today is the last of it. From the 192 high we've now corrected down to 166 or 26 pts (13.5%). Anything over 10% and usually the buyers come back in.

Strong techs may mean more profit taking in oil tomorrow on a good jobs report.
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