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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 690.27

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Dec 26 4:00 PM EST

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To: Johnny Canuck who wrote (37978)	8/9/2002 3:56:28 PM
From: Johnny Canuck	Read Replies (1) of 69261

[madtrader] Fri Aug 9, 11:18am PDT QCOM Just broke out of a week long "W" formation. Good enough for a day trade.long qCOM. [madtrader] Fri Aug 9, 10:54am PDT Market A somewhat mixed market right here. The leading sectors in this past few weeks has been biotechs and financials. BKX and BTK have done their normal retracements, they are both higher than their previous highs on July 31st. Which is when the broader market indices made their last peak. So it is clear these two are having a positive intermediate term trend. Higher highs, and higher lows. Meanwhile, OEX and DJI are within a hair of their July 31st highs. If they can indeed trade higher today (not just by a hair), one has to turn bullish. Unfortunately, same cannot be said about SOX and NDX yet. If we are simply going to meander around this level next week, I would suggest sticking with the BKX and BTK type names and don't jump the guns yet on techs. As ELX showed today, there are still plenty of landmines out there (ELX was trading with a high degree of correlation with NDX until today).no

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