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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (33122)	6/28/2001 12:09:08 PM
From: j g cordes	Read Replies (1) \| Respond to of 70540

Harry, prognosis.. when I last ran through my numbers (haven't done so since those 4th posts), I assumed we'd retest the April lows. That said, there are some new influences. Because energy costs are so integrated into every facet of the economy, recent price drops will act like a tax cut or fiscal stimulus.. ( the reason the Fed didn't go for a half point?). The effect is immediate because money not spent on monthy energy bills (electric/fuel) are available for other budget or discretionary spending. This will impact order rates and I'm looking very hard to see who's getting those first optimistic new order calls... it will show up in basing, accumulation, and activity in selling puts and small investor call buying for Aug Sep Oct etc. from employees who see these small changes. So generally speaking a selloff that technically looks to re-test the lows, but stops short of that and inspires a double bottom technical rally to be confirmed or not in the Sept Q. Jim