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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: dennis michael patterson who wrote (36571)11/28/2000 3:37:09 PM
From: donald sew  Read Replies (2) of 42787
 
The LOWER TRENDLINE of the BULLISH WEDGE on the NDX, which has been discussed alot recently, is still holding. For today I have that LOWER TRENDLINE around 2615.

With the SOX breaking below 600, I also feel that there is more downside. Whether the SOX continues down immediately or sometime in the future is now the question.

As mentioned by Paul, the best way to play it is now to short the rally.

Per my short-term technicals, there is a pattern which I call a double bottom, and if the NAZ/NDX closes at the intraday lows I will get that double bottom. It is not a double bottom in price since the NAZ/NDX has already created LOWER LOWs, but in the short-term reading. Dont get me wrong, Im not expecting a big rally just a bounce if they close at their lows.

On the subjective side, I do not feel there will be a significant FIBONACCI rally until the election issue is over.

I will be adding a small LONG position today if we close at the lows, not because I think the selling is over, but to either play for a bounce now and to position for a election resolution rebound. Please keep in mind that I am sitting on alot of cash and strong profits. If I wasnt in this cash situation and strong profits, I would not add today.
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