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Strategies & Market Trends : The Market Beacons

SPY 689.10

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4:00 PM EST

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To: robert b furman who wrote (67)	2/15/2001 11:02:05 AM
From: Magnatizer	Read Replies (1) of 1298

Bob Forgot to address the QQQ question regarding buying interest. You are correct in my looking for "cliff drop" type selling which I felt would have marked a serious bottom in the market. Not getting it yet. Anyway... The trade was a very risky one. My intraday indicators were not saying sell, rather they were on buy from the 2:30 60 min bar close. I watch a "moving channel" type of indicator (keltner channel) for seriously OB and OS levels. Works the same as static channels: at the bottom bands look for buying ops, at the top look for selling ops. The 2:30 signal yesterday was quite good with indicator confirmation. FWIW, another method I use for timing suggests this 60 min bar on QQQ will be a top. ht Mag

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