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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 692.24

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Jan 15 4:00 PM EST

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To: Johnny Canuck who wrote (37031)	5/17/2002 3:55:40 AM
From: Johnny Canuck	Read Replies (1) of 69809

LAST UPDATE: 05/16/02 6:14p ET Narrow range day puts both bulls and bears to sleep. It looks like we are setting up for another test at QQQ's 50-day moving average. Although we may move higher, individual tech stocks are showing few bullish patterns. So what do we do? The indices are essentially where there were two days ago. Said another way, they haven't been able to show any follow through. More and more investors now have a "show me" attitude. This is likely due to the fact that this market has been brutal to the "buy and hold (hope)" crowd. With that said, if the market fails to resume its up move (or begins to sell off), I think the sellers will return in earnest. Therefore, my song pretty much remains the same. On the short side, look for opportunities in technology. On the long side, I think I'm going to continue to play it close to the vest--sticking with issues that have done well before the last down leg and/or those that can contra to the overall indices (e.g. golds).

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