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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (14314)	4/10/2001 9:43:37 PM
From: ajtj99	Read Replies (1) of 30051

China spy plane episode may be gearing up for a dramatic Easter release of the 24-airmen, IMO. The release would give the Chinese maximum PR goodwill, and would play exceptionally well with the American public. Bush's popularity would soar with the great photo ops. If this happens, it would play into the turnips' scenario of the Nasdaq hitting it's top around April 18 (plus or minus 1-or-2 days?). I would expect a massive rally on Monday, followed by a dose of reality shortly afterwards. The SOXX is the key. It has to get past 530 to at least 575 if this is to happen. I was trying to unload QQQ April 39 calls just before close (in fact, I thought my account said Executed at $2.40), but it seems I will live to hold another day. I was hoping to buy back at a discount in the morning based on the possible (now confirmed) terrible earnings from MOT. When the COMP had trouble getting past 1875, it slowed the QQQ down too. I was looking to sell if the QQQ got to 41.40, as that would be a near the short term resistance. As you've said, the SOXX is a key to this rally. If it stops at 529, we're probably not going too much farther.

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