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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: Wes Stevens who wrote (56677)1/5/2000 9:11:00 AM
From: stan s.  Read Replies (1) of 108040
 
The Naz. Hi Wes, first a little Monday morning quarterbacking (my specialty). The Naz gave some very negative signals on Monday's close. We all know it's been overbought but the candles were confirmation of some trouble ahead.

I did not even check...2 reasons, I'm exceptionally busy this week with other pressing matters and the other was simple complacency, I was expecting a correction late January, early February.

A couple of points to watch, the Naz has gaps around 3450 and 3620. The longer it "hangs" the more likely it will fill. A 10 % drop is required to fit the bill as a correction, luckily the drop was so precipitous, it's brought us pretty close.

A 10% correction from open/close highs would bring us to 3768, a 15%'er to 3560. If we hit either point I would expect to also fill the closest lower gap.

If this loss holds by the end of Friday...a quick look at the final weekly chart will tell the tale. Right now the weekly says correction on the Naz...but that chart changes until Friday is actually over....much like an intraday.

I hope to be back glued in my seat tomorrow and watching but unfortunately I don't have that chance right now.

Stan
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