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Strategies & Market Trends : Effective Trading In Our Markets. Learn, then Earn
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To: uu who wrote (1520)9/4/2002 9:47:45 AM
From: Chip McVickar   of 1854
 
Hi Addi,

All the weekly bar patterns mentioned earlier are very close to being broken, and this would negate the patterns. About 20% of them fail and produce strong sell offs. The daily pitchforks are all pointing down, but the weekly lower tines remain intact and upward.

Internals are weakening and certainly Dow 10,000 looks like a long way off after this demoralizing sell off from 9000 resistance. Those forward time projections for the 27-28th reversed the trend for only two days and failed to hold any momentum. Also many industries hurt by the 9/11 event still remain with serious difficulties.

It's possible the Trade is shaking the tree to break the weak hands, and in the end they'll take the markets higher into Sept 11th. I'd like to believe the trade will play it's better hand, when faced with that fear.

Finally, I expect unemployment to grow slowly and the overall economy to remain flat longer then many hope for, perhaps into 2004, but not crash as many bears believe or are expecting. So I believe the lows are in and 10,000 DOW is not totally out of the question. The coming leaders will not be those of the 90's, but more conservative value/growth companies where ever they can be found.

My Best,
Chip
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