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Strategies & Market Trends : Classic TA Workplace

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To: John Madarasz who wrote (10471)	8/20/2001 10:45:18 AM
From: AllansAlias	Read Replies (3) of 209892

Regarding my plan to establish a long position for days/few weeks. Market did not get low enough o entice me into said long entry for first 1/3 (per my posts since last week). The bounce we see this morning is directly off the lower wedge line. It's a chart-chaser bounce. In my experience, such "perfect" bounces almost alway work for a quick pop (maybe even for a day or two), but in general I don't trust them for entering longer-term positions. Let's see what happens after the late shorts cover. Small traders eager to position in front of the Fed are piling in here. Who knows, perhaps the Fed does .50 to try one last time to put a floor under price. Such a cut would be the "We don't care dollar, we care equity markets." cut.

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