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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: At_The_Ask who wrote (60118)	11/21/2002 8:12:49 PM
From: ajtj99	Read Replies (3) \| Respond to of 209892

The entire advance this week appears to have been fueled by technical traders buying the triangle that broke up today. There was no fear, and there probably will not be any until we get close to the implied target of 1520 COMP, which is also near the 200-day SMA. When you see the chart yesterday looking like someone shot an arrow straight up in the air, it doesn't take a genius to figure out this is a rally fueled by technicians playing the patterns. Until we run out of triangles like we may at COMP 1520, these traders may be on auto pilot, IMO. We may need a hard target like the 200-SMA/200EMA to stop this. The bear market pivot highs are not really doing it.