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Technology Stocks : INTEL TRADER
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To: MonsieurGonzo who wrote (6533)8/9/1999 2:33:00 PM
From: Trading Machine  Read Replies (1) of 11051
 
MG, RE: GE. I'm probably the worst reader in the world but FWIW I have the weekly trend line on GE @ 105. It has only broken this twice in the last five years, once by just a smidgen in 4/97 and then of course in the big slide last year. On the daily it tried to break out and failed 7/27/99 afterwards it just follows the trend line down. When it tested 105 it sprang off it respectably by $2. Now I will assume that it will go back and retest it and go up (maybe). If it fails and falls through the downside historically is not much (unless we have a BK which I think is unlikely), the upside is 20% in thirty-forty days. So I would put the get out point at 103-104 and assume that we are in a BK if it passes this point. Tomorrow or Wed should be the defining point in this puppy's life.

Using GE as the market Bellweather - which I do, I hope that I turns here and mounts a rally back up to the 120s. Having said this, I guess it kinda goes against the other pundits views.

BTW the third option, moving sideways, is something this critter rarely if ever does. So I will consider either it will change and go up or we will be in a break to the downside aka BK?

I don't see anything in the Candelstick pattern that signals a reversal, but you would know this better than I, in fact you would know all this better than I, as a matter of fact MG what's your read on GE? :)

CU TM
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