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Technology Stocks : Semi Equipment Analysis

SOXX 306.04

0.0%

Dec 26 4:00 PM EST

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To: Return to Sender who wrote (9613)	4/28/2003 6:59:47 PM
From: The Ox	Read Replies (1) of 95640

I hope that I have a better handle on it now than in the past but only time will tell. Even if you have a better handle on the market than in the past (which I am sure you do from all the effort I see you put into your trading), that doesn't necessarily mean that it won't continue to confound your trading efforts!<bg> From a TA perspective, if you draw the downtrend line from the 2000 apex, through the top in the 1Q-2002 and continue down, we are at or approaching an important test. The move down from 640 to 210 looks like a washout move. Since the Oct low, I think you can draw an upward trend that is still very much intact (EDIT: from 210 through the recent lows) and I would favor a bullish bias on the SOX until it breaks significantly below this trend line. The fact that the recent high of 349 was above the Oct '01 high of 343 could be somewhat significant. One should expect it would take a big effort by the bulls to get through the 343-367 range, since the market has been through this section 5 times over the past couple of years. It's not surprising that we should have plenty of trouble getting above the 393 level seen in late '02 but I still think the current bullish read is solid until the trend is broken to the downside. investorshub.com

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