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Strategies & Market Trends : Trading From Main Street.

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To: Brandon who started this subject	11/25/2001 8:36:48 PM
From: Brandon	Read Replies (2) of 226

Though the market remains in an uptrend and the market is shrugging off weakness..things are getting a bit frothy up here..all the Major Bollinger Bands on the DOW and SP suggest we are stretched to the upside, and the weekly charts are still a major inhibiting factor to the upside. Because retail sales were very strong this weekend (the day after Thanksgiving stuff) I would expect that the market will gap up in relief, however, I think that the market has been anticipating it anyways and will then sell off..especially given our current overbought nature. On a gap up any trades under Fridays close should set up short sale opportunities (QQQ: $39.28, SPY: 115.68 and DIA $99.90) with potential at least to the last pivot lows (QQQ: $38. SPY: $113.50 and DIA $98.12). Of these the Nasdaq (QQQ) should be the best for shorting given its recent relative weakness. The Semi's are also showing quiet a bit of Relative Weakness...which generally does not speak well for the semis. Right now the Biotech stocks are really the only things holding the Nasdaq up, and that never lasts for very long. The following is a list of stocks with bear flags or head and shoulders formations on the 120 minute charts, so you will want to start looking to work shorts in the smaller time frames from here unless the upper trendline is broken. csco sunw dell cien nxtl imnx sebl qlgc itwo vrts beas tlab klac psft cost ebay cmvt I will continue to post this here most nights until January 1st.

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