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Strategies & Market Trends : TA setups-ex th traders

DIA 501.35

-0.1%

Feb 11 4:00 PM EST

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To: dfs405 who started this subject	8/4/2004 2:18:45 AM
From: cthruu	Read Replies (2) of 7682

WOULD I BUY SMH NOW? There is a menacing gap at 33-34. There has been a high volume sell off, followed by a puny bounce on low volume, and today's reversal from 20 DMA on rising volume. The chart has fallen off from the wedge (I pointed it out a couple of weeks ago). None of the underlying indicators are showing a positive diversion (notwithstanding Blaine's put/call ratio or bullish percent or whatever). The bars are still red, if I re-plot XTL to longer term 35. Even if SMH tries to hold the 30.76 low from last week, I would not necessarily call it a double bottom - too close for comfort. The big boys have been dumping SMH as seen by high-volume bars since January. Everything points to continuation of the trend in downward direction. Thanks, but no thanks - I pass on going SMH long. I will, however, consider shorting this reversal stick ;-) ttrader.com There I go again, butting heads against Blaine :) We will see...

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