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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (8409)	5/6/2005 6:23:19 AM
From: Walkingshadow	Read Replies (1) of 8752

As it turned out, QQQQ did not get close to $36.80 - $37.00. And now today's candle and the bending down of Williams obviously suggests downside here, as the market internals had suggested. 139.142.147.218 But despite that, I don't think we'll see very much downside, partly because of what happened when the market traded down today: 139.142.147.22 THAT is the kind of thing that will push this market higher, but we need to see more of it still. My guess based on the intraday chart and technicals from today is that we'll see a bit of downside early in the session tomorrow, but it will be limited. I think either late tomorrow or on Monday we'll see QQQQ again move higher, venturing above $36 to about $36.35 or possibly a bit higher before it reverses. QQQQ will then get pushed back well below $36 and probably very close to $35 to shake out some more of the weak hands. Then if it can gather enough strength (as it did today), the next attempt at the resistance levels between $36.20 and $37.00 might be successful. T

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