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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.85

-0.4%

Dec 29 4:00 PM EST

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To: HairBall who started this subject	1/11/2001 11:52:12 PM
From: HairBall	Read Replies (3) of 99985

COMPX Intraday Chart My Intraday/Daily - COMPX (NASDAQ Composite) 15-Minute Semi-log As noted on my chart yesterday, a negation of the wedge was possible. Of course, now we know it was more than possible...<g> My intraday technicals were nearing the overbought range with Wednesday close, but were still staggering in. I took a chance a pullback would occur before they all line up because two resistance lines were intersecting right at the close Wednesday, the resistance line of the rising wedge and the 12/11 falling resistance line. Although we got a sharp pullback at the open, it was quickly buoyed and the buying was relentless at each minor pullback. It seems the big boys were determined to get the price above last weeks high. However, by the close all my intraday technicals managed to leg into the overbought range. I went short the QQQ’s at 15:30 one more time before the close, we shall see...<g> lgscharts.homestead.com How to Interpret My Charts marketdirectionanalysis.homestead.com Regards, LG

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