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Non-Tech : Raptor's Den

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To: velociraptor_ who wrote (1834)	7/15/2002 6:48:32 PM
From: ajtj99	Read Replies (1) of 10157

Velo, the Dow and SPX appear to have made a local low. The NDX and COMP still appear to need one in the next week to 10-days. Were it not for the COMP making a new low today, I would possibly deduce that the NDX had satisfied the necessary elements of a re-test. However, that divergence bothers me. The fact that we are in options expiration week with Max Pain at QQQ 25 also leads me to believe this rally is suspect. Max Pain in August is also 25, leaving very little room to the upside on this run. The NDX has some resistance at 1038-1040. If it can get over that hurdly, I'll have to give it a chance to extend to 1050-1060 or so or even beyond. I believe one of the guys mentioned Carpino said after the high in the mid-week this week on the NDX it would fall off a ledge. That would seem to support what I'm seeing. The Dow and SPX don't really do the re-test thing too well, so that's why I'm keying off the NDX and COMP for this.

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