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Strategies & Market Trends : Steve's Channelling Thread
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To: TREND1 who wrote (17139)6/5/2001 8:24:38 PM
From: ajtj99  Read Replies (1) of 30051
 
Larry, it is normal to re-trace 50% of a drop after a high,
and the QQQ is right at 50% at its current level (half-way between the May low and high).

The NDX has been leading this market (not surprising) both up and down. With the NDX at the crossroads, a break up will confirm another attempt at 2388 and a break down will mean we take another stab at 2057.

My money's on the downside, both literally (I have June puts) and figuratively. There are too many things lined up in favor of the bears, including bullish sentiment and complacency.
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