Formerly About Applied Materials Message Board

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Politics : Formerly About Applied Materials

AMAT 230.17

-1.4%

Nov 7 9:30 AM EST

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To: Gary Burton who wrote (22261)	7/29/1998 9:14:00 PM
From: Jim Willie CB	Read Replies (1) of 70976

TA folks -- reversals have been registered in the past three weeks, Novellus has reversed three times... two weeks ago a daily reversal after hit 40... last week a weekly reversal after hit 40... today a daily reversal after hit 40... strike three and this is a baseball country... key weekly reversals are blood in the water for shark traders today AMAT reversed and closed down... in these same three weeks, ApplMat has reversed at least twice... not as close scrutiny for me since I own NVLS Aug35 puts (too many -- anyone want a few?)... the 50-day moving averages were visited... the coffee was good, time to move on and down Dow Theory advocates can point to several staggering divergences... thanks for pointing out Transports versus Industrials... Advanced/Decline Line is another... Russell2 is another... market has been led lately by key sectors like banks, drugs, retail... check JPMorgan (JPM) for failed double top... check Merck for pullback... retail is riding the bull now altho some are hurting like Sears (S) with Asian exposure... I noticed American Eagle Outfitters (AEOS) has huge reversal last week... Staples (SPLS) is strong like bull but will yield soon... point is leadership is disappearing this latest equip rally was spontaneous combustion aided by some potentially fallacious analysis... perhaps self-serving recommendations by brokerage houses who are dumping large positions?????? ... tis running on fumes... retail investors are buying a ration on this recovery bullshit I sense air pockets below and re-test of lows... might get it after Aug22nd, in which case I go to work shoeless agreed about wave 2 reaction completed this morning... hard to say... Elliott usually sees wave 3 at least 50% larger than wave 1... carnage anyone? Employmt Cost Index on Thursday might set the tone... 2Q98 GDP in US on Friday might deliver the punch... this Kurlik of Merrill is the first analyst to stand on stump and call the equips naked gonna be interesting end of summer, Jim Willie

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