Technical analysis for shorts & longs Message Board

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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.41

+0.5%

Feb 2 4:00 PM EST

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To: Johnny Canuck who wrote (46203)	7/6/2010 1:45:56 PM
From: Johnny Canuck	1 Recommendation Read Replies (1) of 70379

SPY bouncing off support level of November lows Technology showing strong support as it bounce at the Feb 2010 low. Same thing for the Dow The holiday effect probably is accounting for the bounce today. Indices need to cross the 50 day SMA to confirm a reserval of the intermediate trend which is down. Interesting the technologies and the dow stock may lead the rallies when they come. Technology makes sense if you believe there is no double dip and economic expansion is coming. The Dow strength may just the desire for safe dividend yielding stocks with a slight exposure to old economy stocks like transportation and steel production.

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