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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 671.910.0%Nov 14 4:00 PM EST
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To: Suresh who wrote (35073)11/9/2001 3:58:23 AM
From: Johnny Canuck  Read Replies (2) of 68045
 
Hi Suresh,

>>I am short NVLS, AMAT, BRCM, JNPR, CIEN and QLGC.

Funny, I was noticing that the semi equip sector was not advancing quite a high as the semis, so I agree about the NLVS and AMAT. I was kicking the tires on CCMP today myself as a short. I am still not ready to go net short though.

I don't disagree with you that the short term direction is down, but I think the pull back will be shallow in nature.
The amount of liquidity in the market, plus the interest rate decrease of 1/2 point is signaling that the Fed is not going to let the economy go down with out a fight. I have to admit that the decrease of 1/2 point was surprising to me, given that the Fed has been so conservative all year and the fact that they know that their current interest rate decreases will take time and the current lack of movement in the economy to date.

Just glancing through the threads, I note that a lot of traders are ready to become buy and hold types on the next pull back. Many view the September sell off as a situation that washed out most sellers given its severity. They seem to be waiting for a re-test of the Sept low. Given the number of people waiting for that event, I don't think we will get it. Given that this view seems to be held by quite a few traders, I think there will be more upside after a shallow re-trace.
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