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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Lucretius who wrote (64701)9/28/1999 12:17:00 PM
From: pater tenebrarum  Read Replies (1) of 86076
 
Luc, i counted the bounce in the nutz as a 4th wave correction in the larger picture...often 4th waves take more complex shapes than a-b-c if i understand my wave voodoo correctly. however, the DOT chart has produced a rising wedge - which suggests two possibilities: the traditional breakdown (preferred scenario<g>) or alternatively a melt-up toward a final blow-off top (not likely, but possible) ahead of YHOO earnings. it is interesting to see that the market is still fearless. the volatility premiums on Nov. and Dec. OEX puts is far below the premiums paid last friday. the question is: is this arrogance, or a sign that there's not much more downside in the short term?
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