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Strategies & Market Trends : MP - Market Pulse

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To: HairBall who started this subject	7/11/2001 9:30:44 AM
From: HairBall	of 1328

COMPX Intraday Chart... My QCharts "Intraday" – COMPX (NASDAQ Comp) 65-Min Semi-log Chart The 7/9 multiple hit turn date did yield a turn just above the upper boundary of the 4/17-18 gap-up. However, that turn did not yield much to the upside, but the index clued us in early to that fact as it began to form a bearish consolidation pattern called a rising wedge. Yesterday the wedge broke as expected (after a opening head fake) to the norm. The price action re-entered the 4/17-18 gap-up and closed just above the 4/14 pivot high (1961). My next "possible" turn date is 7/12 (+/- one-trading day). Since the 7/9 date did not yield more than a rising consolidation pattern, it is now probable that 7/12 will yield a turn that will facilitate the expected rally into the 7/19 "possible" turn date. With my shorter-term intraday technicals in the oversold range going into last Friday’s close, in hindsight it is obvious I should have considered an opening bounce rather than down side follow through Monday. The rising consolidation relieved some of the shorter-term oversold condition and set up a continuation of the decline Tuesday. My intraday technicals are now mixed, but biased towards oversold. All were with in or heading for the oversold range at yesterday’s close. With my Sunday MDA Web Site update, I originally targeted the lower boundary of the 4/17-18 unfilled gap-up (1941), as the constraint level for the expected follow through decline on 7/9. However, that level is now suspect and "may" be high as the decline continues into the 7/12 projected possible turn date. For support / resistance levels follow the links to my chart. My QChart COMPX Chart can be viewed at the link below. Click on Chart 7 lgscharts.homestead.com Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions.

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