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Strategies & Market Trends : Drillbits & Bottlerockets -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (3660)	2/15/2001 11:20:41 PM
From: McNabb Brothers	Read Replies (1) \| Respond to of 15481

I do not recall Zeev saying we are going to 1900 by end of Feb. or did I miss one of his postings? He did say run for the hills but thought 2200 to 2300 would be most likely low for now! Hank

To: Rich1 who wrote (3660)	2/16/2001 8:28:21 AM
From: Don Pueblo	Read Replies (1) \| Respond to of 15481

I am hearing a lot of "bear rally" talk also. IMHO, they are not reading the COMP chart correctly. I'm not saying they are wrong, but it is no surprise that we didn't take out a new high above 2892. Overall bottom pattern is more easily defined now, but the pattern is still not fully formed. I see resistance at 2904 on the COMP. Short-term support is just above the recent low of 2388...around 2399. I'm not going long until I see the bottom for sure. There have been plenty of buyers recently (as well as sellers). I believe some very big players have been shorting heavily in the last two weeks. They just might get spanked. My guess is that we will move down far enough to scare anyone that went long since the middle of January, the shorts will cover, and then the COMP will flatten out and move up. We have to hold that support level just under 2400 or Zeev could be right.