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To: chris714 who wrote (168205)5/26/2002 11:34:06 PM
From: John Pitera  Read Replies (2) of 436258
 
Hi Chris, FAX's 200 DMA is way back down near 4.00 as you say. I mispoke about what the 4.68-4.70 resistance was.

That 4.68 number was going to be approaching a 9% dividend yield for FAX.

Since you have some yield buyers in FAX a few on the margin sell as you start to get down into yields with an 8 handle.

But in my opinion, The Major trend is still up in FAX. For the good shorter term traders, they have an RSI and MACD momentum divergence and also you are getting 20% above the 200 DMA. So I can understand how some better trades may lighten up on their long position, looking to replace that stock at a lower cost basis on a correction back to the 50 DMA or even that 4.25 level.

But The AUD is strong, Gold has some resistance @ this 320 to 324 level, but I think it's a big mistake to now believe that the Bigger Trend in Gold is up. The bigger trend in the AUD CAD, CHF etc is for them to strengthen.

The USD is going to try to rally either this week or in June due to it's technical position and the seasonality. But as a trend trader, I'm dubious on anyone who comes up with the bright idea of picking a top in Gold,and or picking "the bottom" in the USD etc. and is looking to trade in size in these contra trend type positions.

Lots of money is lost getting fancy on trying to trade countertrend moves. Much more is made patiently staying with the trend. Ask anyone here and they'll probably say the same thing.

I see reasons for a smallish pullback in Gold but IF it happens it will just create better levels to buy.

why not 360 for Gold and then 400 a while after that.

JP
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