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Pastimes : Home on the range where the buffalo roam

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To: mishedlo who wrote (10133)	2/13/2001 5:23:36 PM
From: Walkingshadow	Read Replies (2) of 13572

<< ...buying pressure died on the vine today. >> The bears won today's battle, but IMHO that doesn't change much. I'd say this is most consistent with analyst downgrades and WS talk/noise doing their intended magic: squeezing out the last of the die-hard sellers. But this is temporary only. After the last of the retail sellers has given up the ghost, selling pressure will dry up. The big selling has already taken place in most stocks, and there is selling exhaustion taking place, much as buying exhaustion characterizes stocks that are no longer able to advance. Again, the probable reversal area is 2364, but I don't think it will get there. Critical long-term trendline support is 2314, and unless and until that crucial trendline is breached, the bears will lose here in the end. JMVHO........ WS

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