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Strategies & Market Trends : Steve's Channelling Thread

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To: U.B. Green who wrote (4139)	8/7/2000 10:26:11 AM
From: Zeev Hed	Read Replies (1) of 30051

I think it all depends on how the market receives CSCO and AMAT earnings. The TRIN on the swoon last week got above 4, quite positive, but the tick really got only once to -1100, enough possibly. The fact that in the last two days the TRIN is well under 1.00 is positive as well. I see the 3850 to 3950 as a major overhead resistance on the NAZ, but being too heavily in cash, I am taking few "cautious" positions like BRKS which I just bought (here and now) at $38.5. It still leaves me with too much cash if the market gets back above the 3950 area, but the risk of testing 3400, and even the 3000 area is still there, IMHO. I surely missed my exit on QLTI and it seems to forge into a new trading range here. Zeev

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