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To: Didi who started this subject	7/31/2000 9:10:35 PM
From: Didi	Read Replies (1) of 1115

"Cherney on the Markets"--S&P: "Short-Covering Rally in Progress" personalwealth.com >>>Monday July 31, 2000 (4:38 pm ET) Short-Covering Rally in Progress NEW YORK, Jul. 31 (Standard & Poor's) - Monday's action cannot be labeled as anything other than a rebound rally from oversold conditions. I refer to these rallies as short-covering rallies because the initial buying fuel is usually bears buying back open short positions. Short-covering rallies usually only last 1 to 4 trade days before a retracement and a retest of the lows unfolds. For the NASDAQ that could mean retesting the 3704-3615 area. The NASDAQ has immediate support in the 3750-3704 area with a focus of support in the 3750-3723 area. The next resistance is a thin shelf at 3776-3822. The major resistance, and the most likely spot for a retracement to develop, is the resistance in the 3841-3900 area. This looks like a formidable wall. The first test (whenever it happens) of this virtual "wall" will probably see NASDAQ prices roll-over. Cherney on the Markets will return on Monday, August 7th. <<<

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