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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 665.67-0.9%4:00 PM EST
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To: Johnny Canuck who wrote (35065)11/9/2001 3:10:18 AM
From: Suresh  Read Replies (2) of 68070
 
Hi Harry,

I am doing the opposite of what the tape/technical action says in the current market. Lots of pharma esp. generics are breaking long term averages... but I think it is a shake out or bear trap. I went long BRL and ADVP at close. PE's of these companies are supposed to expand as the interest rates keeps going down but they are shrinking while the earning outlook has improved or improving. I also don't trust the break outs in the techs. I am short NVLS, AMAT, BRCM, JNPR, CIEN and QLGC.

Later,

Suresh
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