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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 681.92

-0.7%

Dec 31 4:00 PM EST

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To: j g cordes who wrote (34104)	9/7/2001 1:25:53 PM
From: shasta23	Read Replies (1) of 69357

Jim! I know that they go below the mark! The people who go short on the marginal new low are the fuel (since they cover) for the "spring"(e.g.hammer under support)! But tests do fail and the trend simply continues! Ranges do not hold forever. The April low does not have to hold and we could simply start a new leg down. My idea was that since everybody is expecting a successful test of the april low(at least initially successful) wouldn't it be surprising to see that low fail. That would induce some panic! When i see how stocks like RFMD and TQNT behave then i still don't see enough panic for a bottom...they are not giving it away yet thanking me for taking the painful stock off their hands. There is still a lot of hope for this to be the bottom and maybe that hope needs to be shattered. Look at the 5min chart of the DOW to see how orderly this decline is executed.Nice tight little candles. THat's not panic. OK, gotta go to work now...all have a good weekend! Stefan

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