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Strategies & Market Trends : Classic TA Workplace

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To: yard_man who wrote (47835)	7/27/2002 7:35:42 AM
From: AllansAlias	Read Replies (2) of 209892

A review of things this morning reinforces for me the stance I took on this week's big up day -- non-tech could go either way from here. I think it's a decent possibility that when we make my new tech low, that non-tech only does a scary pullback. Just look at the weekly sticks and the volume on them. That is so not bearish for the s-t. Confidence #'s are in the same range: Non-tech needs another low: 60% chance imo Tech needs another low: 85% Since my DJX long on that big Dow day, my only position remains the short in tech software. I will continue to watch the Elliott structure develop in non-tech and will be prepared for the bullish scenario of going long the SPX in fair size if it offers me a good scenario for a wave '3' or 'c' continuation as tech is climbing out of the hole. I can not understand why folks are so eager to short non-tech. Just don't see the setup and I don't understand the hurry. No way I trade a setup that I only have 60% confidence in.

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