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

To: Zeev Hed who wrote (18920)	6/26/2001 11:22:03 PM
From: Pierre	Read Replies (1) \| Respond to of 30051

Zeev: I've observed something a little curious in my eod scan today. It's a simple scan designed to catch stocks rallying in a down trend or pulling back in an up trend. Today I found an inordinate number of up trending stocks that closed at or very close to their high for the day. Still below or equal to yesterdays high, of course .. or the scan would have rejected them. I've been following your comments of the last couple of days and wonder if maybe there isn't going to be a quick pop tomorrow. However, I also think it may be very short lived, and should perhaps be sold into in the first half hour or so. FWIW, several of the same stocks I noted above traded after hours well above closing price. My problem is these setups look too good. I think maybe a lot of people were getting in late looking to play the pop, and will exit quickly. I suppose that might account for some of the tape "paintng" you were referring to earlier. Curious how you see tomorrow's open, and how you intend to play it. I actually went long into the after market on a couple to play the pop. Another question ... what time will we get official announcement from fed, and how far in advance of that will the market "know" the answer. Again, appreciate your insights and comments. Pierre