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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: d. alexander who wrote (24996)	1/31/2000 5:36:00 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 68124

I was stuck in a meeting all morning. Does anyone know what caused the reversal around 12:30 PM EST? The swings from top to bottom on some stocks were incredible. Today's action will indicate the strong stock as those will be the stocks that finish up significantly from their lows. Funny how the volume was not overly heavy on most stocks. We are about to test resistance at 1400 on the SP500. We should wave down again tomorrow or early the next day in advance of Fed meeting. I had limit orders in on VECO and NT with no luck. It looked like we were about to have the worst of the scenarios this morning, with a slow grinding down of the market with selected stocks correcting over a number of days/weeks. I checked valuations on the weekend looking for strong candidates to buy and was amazed at how extend many of the high flyer are. I have not had a chance to do that in a while. Some of them even defy the most aggressive growth rates in revenues and EPS.