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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 691.97

-0.3%

Jan 30 4:00 PM EST

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To: Johnny Canuck who wrote (41069)	4/16/2004 5:46:00 PM
From: Johnny Canuck	Read Replies (1) of 70345

1:24PM Pru's Acampora sees possible short-term recovery by Michael Baron NEW YORK (CBS.MW) -- Ralph Acampora, chief technical strategist with Prudential Securities, took an optimistic view of how stocks are closing out the week in a midday research note. "Prices remained under pressure for most of yesterday's (Thursday's) session, but a late snapback coupled with 'oversold' technicals suggest the initial stages of a short-term recovery," he told clients in a research note. Acampora also noted that market internals have stabilized on the New York Stock Exchange of late while "deteriorating somewhat" for stocks sold over-the-counter, a development that represents a bit of a role reversal. He added that the Philadelphia Banking index ($BKX) may be in the process of terminating a year-long uptrend.

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