Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Gary Burton who wrote (59684)	2/3/2000 4:50:00 PM
From: ItsAllCyclical	Read Replies (1) of 95453

Gary, thanks for the feedback. I will definately be cautious if we make a new high. You are probably right, it's best to stay out of the way until it stablizes again (assuming it makes a new high). I'm thinking there will be more resistance at the 194 level (QQQ or roughly 4300-4400 Nasdaq). If nothing else I see a pullback to 180 where I will consider covering 1/2 or all depending. 4800-5000 on the Nasdaq would be roughly 220-230 on the Nasdaq 100. I could stomach that level short term as this does not represent a big position in my portfolio. I was thinking 200 or 210 would be the top on any breakout at which point I would have no problem doubling down on my position. I'll be watching to see whether QCOM, YHOO, MSFT, etc resume their upward trends. QCOM was down today while the nasdaq was up. MSFT is still below it's 50 dma. Most of these momentum issues are looking tired. I find it hard to believe we are going to get a blowoff top from these levels, but then again with this market anything is possible.

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