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Pastimes : Home on the range where the buffalo roam
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To: Venkie who wrote (11467)10/9/2003 11:52:24 AM
From: Pedro Joaristi  Read Replies (2) of 13815
 
Something interesting I just read somewhere else:

"Market has popped up at the open, and it has risen above recent resistance. I see this resistance point further reinforced by action more than a year ago, the last time the M tried to move above this point.

In March '02, the spring bear-market rally failed at just above this point -- 1946 on the Naz. I believe this is major resistance, and once cleared, the market looks set to run till the Jan '02 resistance point of about 2100. That is another strong point, reinforced by the Aug '01 high.

If the economy, revenue, earnings and interest rates hold up, it appears that the market could be poised to make an assault on the May '01 high at about 2300, then with no major resistance till nearly 3000..."
Pedro
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