MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (13431)	7/16/2002 2:28:07 AM
From: Steve Lee	Read Replies (1) of 19219

The SOX kept the NDX from making new lows due to speculation that INTC will improve guidance. Given Dell's comments last week about poor demand, I doubt Intel will have anything good to say about corporate spending. Intel can be expected to gain share over AMD, and make improvements on expenses due to the ramping up of P4. But that should not be mistaken for a sign that the economy in general is picking up. Nikkei and Topix closed down despite the US rally. The dollar has given up most of the gains it made during yesterday's late rally and is now back near yesterday's lows. Everyone is looking for a bounce, P/C ratio and daily sentiment are still high. Was yesterday just a max pain rally?

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