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Strategies & Market Trends : Classic TA Workplace
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To: AllansAlias who wrote (12101)9/5/2001 12:34:09 PM
From: Perspective  Read Replies (1) of 209892
 
One more thing: I've come to expect that the institutions launch the direction for the day by around 10AM. They bring on the volume and tend to set up impulsive-looking moves. Then we tend to get corrections of those initial moves during lunch jello. Then, if there is unfinished work, you get another afternoon impulse. If not, shorts will eventually launch a short-covering rally that may or may not take on impulsive characteristics. The absence of corrective upward activity here where it should happen is waving another liquidity flag for me.

If the institutions aren't done yet, the afternoon impulse will make it into one ugly day. Two scenarios avoid this:

1. If the institutions are selling MORE than they need to in order to attempt to spring an afternoon jam job.
2. If the institutions are done selling and the short covering rally launches of its own accord.

Something smells really rotten here, and I would advise against all long scalps until a true retest of the April low.

BC
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