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Strategies & Market Trends : Classic TA Workplace

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To: JRI who wrote (8333)	7/30/2001 12:38:32 PM
From: AllansAlias	Read Replies (2) of 209892

I have the feeling that they will ramp this thing this afternoon. This all feels corrective so it's hard to accept that we are pointing down. We've hit a wall overhead at NDX 6695 three times now. The real barrier is a sloping DT line on COMPX. If they push COMPX back over 2035, the odds are very good we'll be melting up. That grind off today's low was very persistent and I take that as a clue. For this bullish scenario, we are either now correcting the impulsive up move that began this morning, or we need another trip to the lows before turning up. Right now, I actually favour the quicker meltup scenario. My gut today said we were going down, but I am seeing what I am seeing -- hate that. What I find hardest to accept is that smelly could run some more. Anyway, this is all wet if today's lows are broken.

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