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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: bobby beara who wrote (82697)	3/4/2002 11:25:45 AM
From: HairBall	Read Replies (1) of 99985

bobby b: Another stock I am long is TERN at 6. I have been expecting this stock to move up and out of its Dec99 falling wedge and it "finally" did back on 2/20. However, with the gap-up looming below, I must admit I have been less aggressive than normal for a set up like this. Stops in place as always... Now that TERN has broken above the falling wedge and I have a profit pad in place, I wait to see what kind of ride I am going to get. A run back to test the origin of the wedge would be the Dec99 high (14.75). Additional possible stops along the way...retrace levels 23.% 7.66), 38.2% (9.02), 50% (10.11), 61.8% (11.20) and 78.6% (12.76). As I was still concerned with that gap-up, I waited for the break this time to establish a full position. However, I am considering a second postion...a move above 7.25 might do it, but I want to see how it does it... Regards, LG

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