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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 671.40

-1.1%

Dec 17 4:00 PM EST

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To: Clint E. who wrote (18825)	12/14/1998 1:29:00 AM
From: bobferg	Read Replies (2) of 69088

Clint, I'm the wrong person to ask about AMGN as I don't follow it or any other drug stock for that matter. FWIW the chart shows a trendline violation during Thanksgiving week and it is testing the highs now, needs to blow out upside in a hurry IMO to repair the damage. The market looks like it could get kind of sloppy here in a tug of war between earnings concerns versus liquidity, a good enviornment for the net stocks to thrive and some of the net charts look like they are ready to run maybe. I don't think the calander is quite right yet for a major selloff but Clinton's problems could tip the scales downside. I personally think his ouster would be long term bullish but if the market thinks it's bearish then so be it, I'll go with the flow. My plan is to scalp/fade opening gaps and take some other technical trades, hit and run quickly and maybe be done for the trading day 1/2 hour into it, maybe coming back for a peek around the closing bell :).

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