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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: Boplicity who wrote (67826)	1/28/2001 1:43:30 AM
From: Michael Watkins	Read Replies (3) of 99985

Beauty is apparently in the eye of the beholder. ;) I don't use Cup & Handle formations for trading, I just note them since others do. The key is breaking and holding a significant swing high. KLAC intelligentspeculator.com KLAC has tested the swing high and failed, drifting back down in the consolidation zone. Had I been long, I would have exited. Had I been flat, I might have considered a short on this failed test, with a stop just above the high of the failed test. Working in favour of longs is it hasn't set a lower swing low in a while, so anything is possible from here. I would expect it will trade more in line with the tech market than not, so the wedge break on the NDX/COMPX is most interesting to me. Its currently behaving as would be expected, but things can and do change. Failure of a pattern can be useful too. mw

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