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Strategies & Market Trends : News Links and Chart Links

SPXL 194.72

-4.6%

Nov 20 4:00 PM EST

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To: Les H who wrote (1736)	4/5/2002 3:02:51 PM
From: Les H	Read Replies (2) of 29597

ndx p/c traders-talk.com mcmillian optionstrategist.com There is a generally more bearish tone to the market and to our indicators, but the big picture is still that the market is in a trading range. Consequently, while short-term traders can continue to try to trade the market within its range, those taking a more macro view even if it is with only a portion of their entire portfolio – should continue to stand aside until the market breaks out of the trading range one way or the other. Price action has been particularly negative, and $OEX has broken down below minor support at 570 (Figure 1). Ordinarily, we'd say that such a breakdown would necessitate a test of the bottom of the trading range, at 545-550 (or 1080, basis $SPX). However, this market has been notoriously unable to follow through on breakouts, so we're only giving this about a 50% chance of happening right away. The bulls face an even greater hindrance, of course -- the 600 level on $OEX (1170 on $SPX) which has repeatedly turned back rally attempts.

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