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Strategies & Market Trends : Tech Stock Options
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To: donald sew who wrote (27326)10/29/1997 9:17:00 AM
From: Tom Trader  Read Replies (2) of 58727
 
Good morning Don--re the markets

Given that the markets tend to NOT do what the consensus is expecting; lets us see what everyone seems to be saying:

First, that while we may see a retracement, it is unlikely that we will see the lows of yesterday.

Second, that even if we see a retracement to yesterday's bottom, it should offer strong support.

Based on the markets' tendency to prove most people wrong, I suspect your comments about your indicators showing an unhealthy market will manifest itself in some way to surprise most people.

Final thought, spike bottoms and tops are generally made on markets that react to unexpected news--eg a presidential assassination, etc.
I doubt that this decline qualifies as one of those news-driven events. As always, precedent does not have to be followed but it is something to keep in mind.

Regards
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