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

To: j g cordes who wrote (25931)	4/7/2000 5:35:00 AM
From: Johnny Canuck	Read Replies (2) \| Respond to of 68150

Hi Jim, I finally got a free few moments to pull up some weekly charts on some of the high flyers like JDSU and CMGI and just about had a heart attack. It is good thing I didn't see those charts before the market down draft this week, I don't think I would have had the nerve to take positions in some of them. Some of these stocks are serious broken with no really support in sight ie ... possible double top in CMGI in the weekly, not quick enough volume on this down leg and no real acceleration in volume but this stock looks seriously weak. Given that we will probably consolidate in this range for the next 2 weeks or so, it is time to seriously start looking at the longer term downside risk. This summer could be really ugly after earnings are over. We may end up higher for the year later in the fall, but this is getting into true nose bleed altitude. Funny, how most people don't really look at the longer term charts all the much. With all the hype on the tub the concentration has shifted to the minute and daily charts. I think a week is now a long term investment.