MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.70

-0.3%

Dec 8 4:00 PM EST

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To: HairBall who started this subject	3/28/2002 1:29:56 PM
From: HairBall	Read Replies (2) of 99985

WCOM "Intraday" Chart... My QChart “Intraday” WCOM (World Com) 130-min Semi-log Chart *Note:* The price action has retraced most of the move from the early Feb lows. Note the volume of the days approaching and a little after Feb 6th, I suspect the strong hands were buying. Unfilled gaps above the current price is always of interest. WCOM is currently trading in an intraday contracting rising trading channel from the 3/26 lows, which is close to a wedge formation. The question is, is the bad news priced in? While my intraday and daily models are slightly mixed, my interpretation is that the overall bias is up. However, as my shorter-term intraday models are moving toward the overbought range, it would not surprise me for the price action to drop out of the channel and test the recent lows one more time. I expect the Feb02 low to hold if that occurs. My mental stop is set a little below the Feb02 low, in case the boyz are inclined to run the stops. My emergency stops are set with my broker at a little lower levels. Keep an eye on the rising channel constraining lines for the break. Note: This chart is a double screen capture and is extra wide. lgscharts.homestead.com Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on any one person's views or analysis, especially an anonymous message board poster such as myself. Do your own research and take responsibility for your own investment decisions.

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