The Justa and Lars Honors Bob Brinker Investment Club Thread Message Board

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Pastimes : The Justa and Lars Honors Bob Brinker Investment Club Thread

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Dec 12 4:00 PM EST

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To: Lone Ranger who wrote (1307)	7/22/2001 8:01:35 AM
From: Justa Werkenstiff	Read Replies (1) of 10065

Sayrep: Re: "does the basing of the sox that appears in this chart link quote.yahoo.com^SOXX&d=c&t=1y&l=on&z=b&q=l appear to you, to indicate a greater probability of a break to the downside, or a breakout up? and does the chip news of the past couple days including amat and intel, make you think the bad news is already factored in or not?" I do not see a chance for a upside breakout here at all. AMAT guidance put a ceiling on any rally. I do not think all the bad news has been "factored" into the chips on a valuation level. I see more potential downside. Downside may manifest itself in spike downs followed by rallies from oversold levels back to midrange. My take on this last market rally was good in the techs. We had a gap up on the FIRST Microsoft news about meeting expectations ex the write down which was gradually sold off the following week without any major downside. Bulls were saying this was the beginning of some great rally to the moon and beyond. Well, after two days it was all over. Bears were saying this was the rally leading into the abyss and have been frustrated by the market resilience to all the bad news in tech. land. Did not happen even though the news just got worse and worse. But since options week is behind us, I think the downside will be favored in the coming week or two.

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