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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Walkingshadow who wrote (4979)	2/16/2005 7:02:22 AM
From: Vendit™	Read Replies (2) of 8752

Good morning Terry, As I stated to Jill last night, I see that the target of 38.01 was met yesterday. 139.142.147.218 I see two things on the chart that make me a bit cautious about becoming a Bear at this point as it may take one half of this session for things to sort out. In the above chart not only did the QQQQ meet 38.01, it fully breached it and remains above that level at 38.12 making 38.01-38.11 new lower support. Secondly the inverted hammer or grave stone doji that formed yesterday is hollow which is conflicting or could be construed as mildly bullish. My point being that the QQQQ may have broken through upper resistance at 38.01 and will briefly test that level today and may take off to the up side intra-day creating a Bear-Trap. JMHO Reid Ps: This is just a “what if scenario” to consider as the indicators are over-bought.

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