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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: shasta23 who wrote (34262)	9/18/2001 9:32:19 PM
From: ItsAllCyclical	Read Replies (1) of 69970

XNG Index (E&P's-energy) crashed thru important support today. askresearch.com Support at 180 looks kind of flimsy on the 3 year. askresearch.com 180 looks like the next stop. If it breaks that there's a huge head and shoulder's formation that'll come into play. By some meassures today's drop already puts it into play. I'm not short the index, but I am short some E&P's in the sector. Not a bad way to play the slowing economy in my opinion. Also this sector has had so much success for so long that it's bound to get sold to buy other depressed sectors at this point. War could send energy prices higher short term, but I'm not sure the sector would follow. Note: If you short individual co's you have to be careful since there have been buyouts in this sector recently. Better to short the index if you can. I'm not short any oil plays, only natural gas.

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