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Strategies & Market Trends : Waiting for the big Kahuna
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To: Investor2 who wrote (10115)11/21/1997 12:21:00 PM
From: bearshark  Read Replies (1) of 94695
 
I2: Today could still go either way. If it ends up nicely, I say we are on the way to new highs. If it drops back below 7800 on today's close significantly, I say we failed to go through 7800. Then we are probably in a trading range between 7400 and 7800.

Some other stuff I am looking at says we are approaching an overbought condition. If we close nicely above 7800 today we will probably have some profit taking next week for a couple of days. If it drops below 7800 significantly today, we are heading back to 7400 or thereabouts.

Now if any of this actually pans out, I cannot tell you whether the technical indicators are valid or if it was coincidence. What we really need is for Alan Greenspan to give us two or three good stiff rate increases and than we can sit back and stop guessing.
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