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Strategies & Market Trends : P&S and STO Death Blow's
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To: DebtBomb who wrote (11444)10/17/2002 7:50:39 PM
From: LTK007  Read Replies (3) of 30712
 
Well, ever the objectivist i, looking at the futures; odds are saying my near term downtrend channel will be broken emphatically at the close tomorrow.
We are going into tomorrow in the grip of emotions run which could drive to as high as 1426/1450 because of the pressure on people buried in the market feeling they simply have to take all the cash they have now and enter the market in order to get to at least even.
The paradox is, this makes the longterm even worse for JQP, if this were to happen.
This is yet another underlying dynamic of a vicious bear market.
Every emotion driven rally swallows up more cash from JPQ such that each subsequent fierce pullback is making it harder for the public to re-enter.
This is why i have always contended the longer the bear is fought the longer it will last.
I go into tomorrow expecting my near-term downtrend channel to be broken.
But i add, the LAST time my near term down channel was shattered was May 15th,2002; but by May18th, i was back into my near term downtrend channel which then kept going downwards until 7/23.
I will see what happens tomorrow and then think over near events.
But if someone would make a call for say 1426 as of this moment, i would have to remain silent as at this moment i don't have TA grounds to protest.
If the market fails to close emphatically above my channel tomorrow, my tune shall change rather quickly:) Max
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