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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (19692)9/19/2000 9:30:39 PM
From: UnBelievable  Read Replies (3) of 436258
 
I have the line drawn from the 5/24 Low of 3042 through the 8/3 low of 3521 which puts it at about 3861 today. Today's close of 3865 does puts it slightly over that line.

Given the exuberance of the 'Dung I think until it goes further (which may happen in the morning) I think it can still be considered a factor.

We are right at the apex of that triangle and I have the upper trend line at about 3900. The 13, 50, and 200 SMA are all clustered around 4000.

The significantly better performance of the $NDX when compared to the broader $COMPX, the fact that there were 63 new highs and 134 new lows, as well as the fact that over 600 of the stocks which increased by more than 1% had negative money flow (price*volume on the upticks minus price*volume on the downticks) among which were ORCL, YHOO, BRCM, VRTS, all make me feel that we really need to see follow through before concluding all is clear (for now).

I expect we will test the bottom of the gap at 3582 (6/1 Close) before we go higher than the 9/1 close of 4234.

Since the spike low of 8/3 has already penetrated the bottom gap support I would not be surprised if we went down to visit the gap from 5/29 at 3215. But that is only conjecture. <gg>
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