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Strategies & Market Trends : QQQ- Pure TA Discussion only

QQQ 632.92

+0.8%

Oct 28 4:00 PM EDT

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To: not925 who wrote (82)	12/22/2000 10:22:58 PM
From: Michael Sphar	Read Replies (1) of 95

Q broke 7/24/00 and has traveled downwards for almost 5 months in net effect. Thursday it closed 53.5% below that top in high $55s. Friday it kicked up. I stepped in at 57.5 two days ago. Looks like its bouncing off a bottom now. I expect institutions to start buying heavily on Wed next week anticipating a winter quarter run up. Any number of technical indicators are showing Q as being heavily oversold or extremely negative values. Talk of recession and falling stock prices fills discussions everywhere one turns. Aggregate selling of Q has been increasing steadily for 3.5 months as price has generally continued to drop reaching peak volume Tue - Thur this week. Friday's close was above the optimized short term moving average coincident with a significant divergence between the short and long term declining moving averages. This type of close strongly suggests a short term rise dead ahead to follow. In the broader context of the longer term decline since July and in the related context of a nine month bear trend in tech stocks generally, it looks like this nascent upturn could get some walking legs and last a quarter or longer.

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