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Strategies & Market Trends : Classic TA Workplace

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To: AllansAlias who wrote (46269)	7/18/2002 6:17:57 PM
From: ajtj99	Read Replies (1) of 209892

AA, last July I recall a terrible CC from MSFT after earnings. The futures were down 20-points after that. The next morning, we gapped up. I think that was around July 26 or something. We went on to make a high of 2102 COMP on August 2. I read nothing into evening futures after MSFT. Europe will love their earnings, and if not, the futures could be made to open just over the 1364 50% re-trace level or above. I'm not expecting the May downtrend line to be surpassed tomorrow (around COMP 1376 tomorrow I imagine) but I've been surprised before. That said, if we open lower, I think we might hold NDX 980 initially and then do a 50% re-trace of the drop from today's intra-day pivot high around 1026 NDX to around NDX 1002 or so (25 QQQ magically). After that I'd expect a dump early next week to either 900 NDX or 840 NDX. I'm thinking 900 initially, but we'll see.

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