Technology Stocks & Market Talk With Don Wolanchuk Message Board

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Strategies & Market Trends : Technology Stocks & Market Talk With Don Wolanchuk

SOXL 46.51

+3.0%

Dec 5 4:00 PM EST

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To: Chip McVickar who wrote (9052)	5/18/2003 12:43:07 AM
From: Runomo™	Read Replies (1) of 207237

Hi chip... I doubt a pullback at this point would carry the SPX to 875 imo, although anything is possible at any given time in the market. I know many are hoping and praying for such a pullback, but if this is a real bull move, I doubt the market would accommodate these wishes. For one thing, we know that the SPX broke out of a bullish ascending triangle base three weeks ago and a move to 875 would negate that breakout without the index reaching it's technical objective this late in the move...possible but unlikely. It would also mean that the Dow's nascent breakout out of it's own ascending triangle, having coiled for so long, will fail...again possible but unlikely. Those who are looking for a deep correction ought to look at the chart the last four trading days...sideway action as if the market was catching it's breath just before a big move ahead. A market can correct sideways working off ST overbought condition without giving up much ground is a sign of immense strength...perhaps that's equal to "coiling on the upper tine" stuff you have on your chart.... As a runner who has trained for many marathons, I know the importance of a running correction...the runner rests while he is still on the move but at a slower pace setting up acceleration at a later stage of the race...the ability to do this "speed play" or Fartlek is a must test of durability....and at least to this investor, the major indexes moving in little baby steps forward the last two weeks is not a sign of reversal, but more like a long distance runner well pacing itself rather than a fading rabbit... Mo (a flatlander who loves hiking the white mountains with or without the old man...)

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