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

To: Johnny Canuck who wrote (36984)	5/10/2002 3:33:29 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69827

[ Older articles ] [madtrader] Fri May 10, 12:12pm PDT QQQ Well, it's making a fresh intraday low here. So there is little doubt the gap will have to be filled. Based on how Bollinger Band is shaping up, I doubt we will break Tuesday's low with this pull back. none. [madtrader] Fri May 10, 11:24am PDT QQQ A couple of thoughts about QQQ here. If QQQ fills the gap, then the Wednesday rally would be a "meaningless" bounce. Trapping more people in the process. Looking it from a different angle though, using the Tuesday low and Wednesday high as reference points, the retracement to today's intraday low is roughly 62% Fibonacci retracement. If we can hold above this level in the next few days, then the big move on Wednesday is indeed a real reversal. Based on the volume and the explosive move, it is tough to dismiss it. A reversal only in the sense of trading, I can go too far to try and stretch the importance or lack there of in terms of long term implications. We have had 8 other similar bounces in the past 2 years, and where did it get us? For short term traders, I don't see any reversal signals just yet. Considering it's a Friday, we will just leave it at that. none.