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Strategies & Market Trends : Classic TA Workplace

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To: The Freep who wrote (50992)	8/22/2002 12:45:50 PM
From: Perspective	Read Replies (2) of 209892

I'm inclined to bet against those who hold all those QQQ calls. We have what could be a completed corrective structure off the lows in SPX, DJIA, NDX, lots of wrong-way crowd looking up, and a nearly straight shot up 20% in the indicies with a minor neckline test on falling volumes. I was hoping for a bounce up into this range. I'd prefer to sell a SOX test of 395, or a NDX push to 1100, or a scarier retest (for the bears) of the SPX neckline. However, I think the price activity is for the most part done, and we're entering the worst seasonal period of the year. At the least it should be good for a scary pullback. Removing the safety from the "SELL" button - time to ditch a hedge or three. BC

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