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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: TREND1 who wrote (17497)	6/10/2001 2:05:03 PM
From: Alex MG	Read Replies (1) \| Respond to of 30051

I would say there is no current trend. The rally on the Naz from the April 4th low took it to 2202 intra-day high in 11 trading days, April 20th. Since then it's been locked in a channel and now, a month and half later, is right back to 2200ish. The S&P is exactly where it was on May 1st, the DOW is pretty much flat also... I don't see a trend, so far I see one big bounce from the short-term oversold March and April lows. Now what's not clear is whether this is a consolidation trading range for another bull move or a distribution range before another leg down... There's a case for either side, but the bull case is based solely on a liquidity bounce. I'll stay mostly on the sidelines until there is a better trend established.