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

To: ken-l who wrote (230)	6/10/2001 12:47:57 PM
From: robert b furman	Read Replies (2) \| Respond to of 470

Hi auto, Just a little update from my perspective. I put a lot of strength into your 2143 # ***. On 5/30&31 the NAZ dipped down and tested its 40 day simple moving average.The test held and has bounced nicely.As of monday's open the 40 dsma is 2145.061. I'm looking at individual stocks, many of which have been transitioning from selling to buying pressure.It is natural to want to hold onto gains after a nice bounce.This is a very pivotal time period. I'm thinking any test will be mild and short lived.Accordingly I'm betting that the 40 day moving average is going to be important IF this test is to hold. If this test holds - we can look for a second consolidation to build.This consolidation could be quite long in time.If it is quiet and long it will mark the last great opportunity for the shorts to firm up their gains with out a panic squeeze to develope. Since this is just the beginning of pre-announcement time ,the next 30 days should provide a good sideways trading congestion pattern. If we don't hold - my bet is it will be quick and sweet.This should mark the last time for great value buys.It would be a gift as great as October 7/8 of 1998. Bob