Trend Setters and Range Riders Message Board

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Strategies & Market Trends : Trend Setters and Range Riders

MSFT 444.15

-2.3%

Jan 21 3:59 PM EST

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To: Frederick Langford who wrote (19879)	7/2/2002 1:41:40 AM
From: Susan G	Read Replies (1) of 26752

I'm wading through it now <g> It's happened before, just when everything looks the worst, we rally like hell and do a sharp reversal on important support. It often starts with stealth futures buying in the wee hours. Normally when the indexes look about to rollover and die <g> The PPT at it's finest. Unfortunately, each time they've done it since January, we've gone lower. But I have a feeling the short interest in this market could keep a reversal going for a while once the ball gets rolling... Now that even grandmothers and hairdressers have learned how to short and are doing it like mad <g>, the general public is usually wrong at the turns... I still think we have not even come close to capitulation by the public, I think most of the heavy distribution I see on the charts is big boys. It's not J6P dumping blocks on huge volume <G> JNJ was the "darling" just a few months ago. Now it's chart is ugly as hell and it hit 52 week lows. And it just hit 52 week highs and was the analysts favorite pick... I overheard a lot of stock conversation this weekend, and they are ALL waiting for their techs and company stocks to come back. Disgusted, but still waiting. And what was amazing, is they all seemed to truly believe they WILL get back to 2000 and 2001 prices.

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