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To: velociraptor_ who wrote (31747)2/20/2002 7:56:53 PM
From: ajtj99  Respond to of 209892
 
Watch the MSFT .618 re-trace point ( I believe it is about 56.25). That should be where the COMP bounces on the next move down. The .50 re-trace is where the NDX and COMP stopped during the drop to 1772.

On these drops, MSFT is the key. It will help give clarity as we find our way through this jungle.

As for IBM at 85, that's what I was looking for during the Sept. lows. It got close, but not quite. I think that would most likely happen during a major local bottom on all the indices.



To: velociraptor_ who wrote (31747)2/20/2002 8:09:50 PM
From: Shack  Read Replies (1) | Respond to of 209892
 
We were looking at very different time frames there Velo, sorry. I agree with your assesment that she's going lower near term and your argument for 85 makes sense. It should contribute nicely to any coming down in the DOW.

I see only about 150-175 points of upside here for the DOW before a very large drop is coming.


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