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Strategies & Market Trends : Effective Trading In Our Markets. Learn, then Earn

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To: Jerry Olson who wrote (830)	6/19/2002 2:16:08 PM
From: Jerry Olson	Read Replies (2) of 1854

HERE WAS AN EARLY MORNING UPDATE FOR THE TROOPS Morning everyone did i just say Wednesdays are down?<G> well here we are? slam city today during triple witching options exp week..not unusual folks...in fact it happens all the time... ok so we've had the nice technical bounce right up to my target on the SPX at 1040..perfect..i have a 50% rettrace back down to 1008..let's see if that can hold up today... as of this am..the NDX BP has reversed up here..amazing..also there are 3-4 other sectors ready to go up as well...why? because most stocks are at or near there 52 week lows, or the bottom of the 10 week trading bands are UNABLE to give further sell signals on P&F..hence they do not compute for the BP anymore...meaning they do not add to that number.. this is the begining of a solid bottoming process...we'll not guess but wait & watch to dive into the abyss.. there's a ton of major bearishness out there right now..and days like this make those bears feel very strong...we want it that way...remember right at the darkest moment...right when everyone is crying "get me out", thats when we buy... it's coming soon... i was looking at some charts this am early<g> MSFT looks good for a short here, as does EBAY they are extended...i called AAPL a short last night in the room...it has a classic P&F shorting type chart pattern..and then they warned AH<vbg>...plop went apple.. BRCD---DOUBLE TOPPED AT 21 COULD BE GOOD FOR 1-2 POINTS DOWN.. ALL THE SEMIS SHOULD PULLBACK, BUT I CANNOT FIND THE BTOB??? DID IT COME OUT LAST NIGHT..I DON'T THINK SO... QCOM LOOKS WEAK TO ME HERE.. EXPE RAN RIGHT UP TO HEAVY O/H R SHOULD BE NICE FOR 2-3 POINTS AS A SS..BUT IT GAVE A LOW POLE WARNING YESTERDAY...THIS IS A BUY ON PULLBACK TYPE STOCK... THE BBH BROKE A DOUBLE TOP, AND SHOULD PULLBACK AS WELL...I GAVE YOU THAT TRADE ON SUNDAY LONG.. MORE IMPORTANTLY..THE FUTURES..THE SPOOS BROKE A DOUBLE TOP ON THIS LAST RUN..THE FIRST ONE SINCE I CAN REMEMBER<G>...SO WHEN WE PULL BACK HERE..LET'S WATCH FOR THE NEXT REVERSAL UP..IT COULD BE A SOLID TIME TO "BUY" THIS MARKET... I'D NOT NIBBLE HERE YET..WE HAVE NEXT WEEKS END OF QUARTER WINDOW DRESSING...BUT MAYBE RIGHT AFTER THAT WE'LL TAKE A SHOT...I'D LIKE TO SEE IT GET EVEN MORE BEARISH WITH MORE DIRE PREDICTIONS... BTW...THE ENTIRE SECTOR BELL CURVE OF THE BULLISH PERCENTS HAS MOVED FROM 65% HEAVILY OVERBOUGHT TO 49% RIGHT IN THE MIDDLE...PERFECT.. OK BE COOL TODAY..SCALP EM' AND MAKE SURE YOU GO TO CASH EACH NIGHT..."SEE HOW IMPORTANT IT IS"... BE GOOD BEST JER Jerry Olson MasterClassTraders.com jerry@masterclasstraders.com buyitbuyitsellitsellit.com

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