LG--
i think a lot of your technical analysis, but i am not nearly qualified to make any kind of statement on your findings.
personally, from the way things have gone recently, i would think we will break 8750 and 8700, probably stop out between 8650 and 8675. it will likely take until friday. then, barring any horrible news over the weekend, we start an up move on monday.
i think we are heading lower, at least to 7800. we are just too high for the kind of fundamentals in the market. plus we are pricing in a rate cut next week. if we dont get one, the overeaction could very easily carry us to 8000. i just dont buy this market....i have heard the mantra of liquidity so many times it is making me sick. its like no one has any sense of history. liquidity, to me is not a reason to go up because IT always dries up or creates inflation. too much always leads to problems and the way the fed is acting i think there are some on the horizon. nothing too severe, but its gonna look ugly when it is happening<G>.
good luck to all,
trey
PS-- i hope don gets back soon. maybe you, jaime, X and L3 should converse on this...and advise ME<G>.
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