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Strategies & Market Trends : Charts With An Attitude; Trading In & Out

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To: Dave H who wrote (4391)	12/21/1997 3:30:00 PM
From: Ocote	Read Replies (1) of 4701

What do you think about CNTO? CNTO was a great short when it broke back over its two year trading channel at 41. Now its almost back down to its lower channel which stands at 24. If it breaks through 24 and the long term SMI's look as bad as in 1989, it looks like it would be a sell signal again. Interesting chart. INTC is somehow keeping its head above water, but 4 lower intraday lows in a row.... Volume indicators--PV/NV crossover on 9/5 and retested on 10/28. Have not crossed in 10 years. Only "kissed" in April 1984. This looks very bearish. MA's look terrible: 13d below 30dma below 50dma below 200dma & the 200 dma has now flat and will begin to turn down. The 200 dma seems to be providing resistance now. My chart shows that the neckline of the H & S is now at 71 or so and the close at 70 is below it . I took a small short position on Friday, will add to it if the 200 dma holds or we have a lower high. BTW--now have Parity up and running <g> Ocote

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