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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (118820)12/12/2000 3:18:45 PM
From: Jenna  Read Replies (1) of 120523
 
<3:13> BEAS 68 3/4,WEBM 93 and CMVT 112 1/4 take out buy stops on early support areas.. nice. Second time today CMVT triggers. Now that we have had that pullback I would not be holding short plays overnight UNLESS they have taken out all vestiges of support on the 15 minute intraday chart (you can use the 5 minute but the picture is more stable on the 15 minute chart) and only 10 contracts for the most of a put position.

For good measure I would not be holding any longs unless they take out 80% of the day high on high volume and even then only a small (10 contract) call position. These rallies are self contained 'one day rallies' and they are being sold into. This is because no matter what happens politically, economically we can't deny the slowdown in the economy, the inordinate amount of downgrades, earnings shortfalls and to add to that any denoument in the political issues are now factored into the three previous rallies we have already enjoyed.
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