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Strategies & Market Trends : Playing the QQQQ with Terry and friends.

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From: Walkingshadow	9/28/2010 3:55:37 AM
	1 Recommendation of 4814

All my long positions have triggered exits. I am very short right now, but still have some dry powder in the event the index floats upwards some more on low volume. I can't believe all buzz in the financial press over Tepper's recent remarks. Unbelievable. Does anybody really believe that a guy who's fiscally responsible for a $10 billion+ portfolio is going to give free advice to the world and let everybody know exactly what he is doing? I'd say Tepper is busily trying to unload positions and go short, so he's out there recruiting retail traders to get left holding the bag. Again. Review of the long=term charts shows that we are close to the top of the post-bubble trading range. After any bubble, there is a plunge to a low point that is about 85% below the peak. Then there is a rally back up to a point that is about 50% below the peak (plus or minus 5% or so). The index trades within that channel for at least 25 years. Right now, we are about 56% below the March 2000 peak. That tells me the index is much closer to a long-term top than it is to a long-term bottom. WS

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