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Strategies & Market Trends : Steve's Channelling Thread

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To: ajtj99 who wrote (17713)	6/12/2001 8:55:39 PM
From: Zeev Hed	Read Replies (2) of 30051

Actually, apart of the size of the rally, it was not particularly surprising, we turn from 10800 on the Dow, 2100 on the Naz and 1775 on the NDX, all minor supports, I think that all three will give way. The intensity of the move back up might have been induced partially by the proximity of triple witching. The rest of the week might be as volatile without a resolution. I still think that the whole move since early April is creating a major bear pennant that will be resolved on the way down, except that resolution will no longer require breaching 2050, but 2105 (today's low print) should now be the barrier that must hold, that pennant is getting quite narrow at its edge. Zeev

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