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Strategies & Market Trends : The Options Box

QQQ 616.28

+1.4%

4:00 PM EST

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To: dli who wrote (8376)	12/9/2000 1:40:50 PM
From: hobo	Read Replies (1) of 10876

I'll throw my .02... ------------------------- bigcharts.com. Take a look at the chart it does look as though we are trying to change directions.... However.... Once +DMI crosses over -DMI (first signal) that positive change is coming... it NEEDS to be confirmed by the adx line turning up (The lower the ADX line is and then turns up, the stronger the "change of direction is supposed to be"). In addition, RSI just touched the 50 % point (good) look at the moving average and the bollinger bands... if we pierce 3,000 it may be an even stronger sign but i reckon that 3000 will be quite a resistance (I do not have the fibonacci lines drawn on this chart but it would pay to review them to see other resistance levels. From what I recall 3000 is resistance under fibonacci as well. Still... the big monkey wrench is the election issue until resolved... no clear sailing yet. Even if a change to the positive is in the cards, there may be some bouncing still, which may carry us to the end of January. Finally, to resolve this to the upside 2 things need to happen: (in my eyes) 1. Election gets resolved 2. Greenspan comes to the rescue with an actual interest rate cut

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