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Strategies & Market Trends : Technical analysis for shorts & longs

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Dec 26 4:00 PM EST

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To: Return to Sender who wrote (40115)	8/23/2003 2:36:36 PM
From: Gary Martin	Read Replies (1) of 69262

Thanks for the summary of turning points in August. I recall some of those days quite well! After the close yesterday, some of us are wondering if we are seeing the failure we've been expecting in this year's rally? I'm trying not to be overly influenced by the bearish expectations I've had for sometime, but doesn't such a technical failure day raise the alarm that we are at or near a Major Top? Of course, it is all guesswork, but does anyone else feel the rationale is strong enough to warrant buying some speculative (or protective) puts soon? Since the S&P index didn't run to new highs as the Dow and Nasd 100 did, would it (or the OEX) be the short position of choice if one was to place buy index puts? Gary

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