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

To: Johnny Canuck who wrote (36195)	2/20/2002 4:24:42 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70379

Feb 19 market comment: Caution advised for tomorrow. I have a negated buy signal on the COMPX and a failed buy signal on the SOX despite the fact we have done a 50 percent re-trace of the move from the Sept low to the January high. I still expect a bounce as everyone has been waiting for this level, but it may be short and support may not hold. A Fib re-trace would be at 1698, so that is the next line in the sand. A break below that level would be unjustified given the fundamentals, but the psychology is fear right now. We are not irrational yet, so we are oversold but not grossly so. Look a a tick of -1000 before entering longs for the bounce.