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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 689.10

0.0%

Jan 23 4:00 PM EST

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To: Johnny Canuck who wrote (41110)	4/22/2004 11:57:52 PM
From: Johnny Canuck	Read Replies (1) of 69990

with Bo Yoder April 23, 2004 Yikes! The bear flag I spoke of yesterday fell apart in dramatic fashion today. Instead of bearish continuation, we experienced yet another range move as the market ramped from range lows to highs. This leaves me without much bias for tomorrow's session. I can see the argument for a collapse back into the range, or a continuation of the buying. This ambiguity will keep me in scalp mode as we close out the week. STOCKS TO WATCH: SPY shows a lows-to-highs range move on its daily chart. The QQQ has begun to chop itself into an expanding range. GTW has printed a pullback to support on its daily chart. The MSFT daily base has matured nicely. PMTC has formed a messy bull flag on its daily chart.

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