MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (8783)	10/4/2001 11:21:10 AM
From: James F. Hopkins	Read Replies (3) of 19219

JT; The thing about the NDX, is we have not left any up side gaps to fill ( so far ) ; the weak flag going to a pennant then the transformation of the weak flag to a strong flag , still with no gaps , and not because some other index sold off is just as bullish as it gets. We have turned I can't say for how long this will run or that it won't have dips but this is shaped up better than any rally since the start of the bear market. I have said for a long time we needed to do it stealth style without gap ups..I took a little off the table yesterday but I'm going to let the rest run. To top it off the shorts are in a trap, and there are a bunch of them too. I will at least wait until after I see some gap ups that don't fill for a day or two before I take any more off the table. Jim PS And I will buy on any gap downs that happen before unfilled upgaps. The short interest for September was an All TIME record & there are only so many shares that can be shorted I think they have shorted just about all that are avalable to borrow on top of that the low interest rates are making renting more shares to lend out to costly for the brokers.

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