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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

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Jan 23 4:00 PM EST

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To: Dave Gore who wrote (36341)	3/5/2002 3:10:47 PM
From: Johnny Canuck	Read Replies (1) of 69982

Hi Dave, IFX looks like a failed break out to me. The OBV failed to confirm the test of the resistance level at 24. It is overbought based the other indicators. askresearch.com From a longer term perspective it needs to clear 28 to break the down trend. stockcharts.com This is day three of the rally time to pull back. I don't know much about the specifics of the fundamental o f IFX. I do know IFX depends a lot on memory production and unlike MU it is not a cult stock. Another wild card is RMBS has a lawsuit against IFX in Europe. A preliminary decision is coming up soon. Unlike the US case, the courts seen to be favouring common industry accepted pratices as opposed to a very narrow interpretation of some very loose industry association rules. Case in point I don't know a single working engineer that would have accepted the judges definition of a bus except maybe an IFX engineer. Given the market conditions, scalping a few points is preferred to position trading right now.

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