The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: bruce-l who wrote (41347)	7/22/2002 2:56:27 PM
From: Doug R	Read Replies (5) of 79317

Bruce, With the Dow breaking below the ACT the way it did on Friday things could get messier. A bout of panic selling has taken hold over the last few weeks that is nearing at least a temporary exhaustion. I expect a bounce from current extreme oversold levels to retest the ACT from below. For now I'm looking at GE to do well on the ACT test and I've been re-accumulating FONR into its pullback as a place to be relatively comfortably hunkered down. The pre-Ratio should offer a good indication as to when the move up will start and...when it will pause. The pause should allow a bit of time to take profit on any newly entered long positions (like GE here). Market activity after the pause will be a better read on the forward state of investor sentiment. Right now sentiment is too panicked to recognize anything on current activity other than signs of (at least) temporary exhaustion. Doug R

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