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Strategies & Market Trends : 123 Trends and Reversals -- Ignore unavailable to you. Want to Upgrade?

To: Ally who wrote (1)	1/29/2001 1:34:31 PM
From: Michael Watkins	Read Replies (2) \| Respond to of 147

Hi Ally, intelligentspeculator.com What I'm currently watching for is clearance from this zone of consolidation. Volume has been dropping off; frankly I figure things will move up before they move down but these days it can be a single bar and things turn around. Since the peak of Greenspan surprise day appears to be providing effective support and resistance, ND 2650 approx appears to be the line to watch. Just as I snapped this GIF a little break out from consolidation is underway. If it doesn't fail right away, then the prior swing high should be the first logical target. Agressive traders could go long by waiting for a pull back and setting buy stops above the down bars. Myself, I probably will sit this out on the long side. If my gut is wrong and it moves higher still, there will always be a safe place to get in at some later date. And I have to run out soon so that's the real reason for hesitating.