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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (82833)	3/14/2002 12:44:06 AM
From: KymarFye	Read Replies (1) \| Respond to of 99985

Well... much may remain unclear... but there can be no doubt that LU is totally capukelated... it is the veritable definition of capuke... As for the rest... I don't consider myself enough of an E-Waver to do a longer-term count without figuring I've probably violated some basic wavological corrolary. I think I see what you're saying about telecom and networking: Seems like they may be bottoming together - and may scrape along the bottom for a while - ahead of and deeper than the rest, for a bunch of good reasons. I've been trying not to pay too much attention to the financial news lately - but I had to shake my head over the news that CIEN may suck too much even to be worth buying for CSCO (think I got that right). Wasn't much more than year ago that the whole index gapped up huge on CIEN happy talk - last time the composite saw 2500 (CIEN hit 94 that session). Am noting declining volume on this pullback - maybe not the critical factor, as bear moves sometimes start out that way, but might give the bulls some reason to hope. So far, things haven't retreated any further than would seem "natural." It's the ugly Letterman gap action - and something close to an island reversal at the major MAs/critical resistance - that makes the tech indices look sick here. Lousy to day-trade, too - gaps into narrow ranges, accompanied by spurty fakeouts.... Maybe we've established the range into the next earnings season.... Fiddle-dee-dee... I'm gonna worry about it tomorrow...