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Strategies & Market Trends : Steve's Channelling Thread
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To: Zeev Hed who wrote (11025)2/11/2001 10:59:32 AM
From: Logain Ablar  Read Replies (2) of 30051
 
Hi Zeev:

Okay I admit I was a little too bullish again in thinking we could run to 3000+ before a retest. With CSCO and next AMAT I see your March scenario as pretty high odds. I expect INTC to come back soon (leading the soxx down and where goes the soxx goes the naz) although MSFT fundamently should be ok (although we can have analyst downgrades taking it down as well). I've marked this Thursday and March 9 (knowing of course the turnips may be off in timing)

From P&F we bounced off a resistance line (rich was right on last week about the break of 2650 with no support till this level). If we retest the 2250 area and break this would be a quad bottom break on PnF. Then support goes down which isn't on the chart I just pulled up(I need to run a long term chart to see next support but actually I don't care since I"ll be in cash and waiting for the tick to get extreme for a day or two).

Its options week so watch for pretty good swings.

FWIW you and Hays are pretty close although approaching it from different directions on the tech / NAZ. For the NAZ he's indicating watch the mclellan for over bought / over sold (we just entered over sold, is the mclellan one of your turnips?) One difference is in the June - October time frame he expects the S&P / Dow to also roll over, not just the naz.

Good luck

Tim
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