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To: The Freep who wrote (60357)	11/25/2002 8:05:42 PM
From: ajtj99	Respond to of 209892

Freep, I was just mentioning something that you picked at a few weeks ago, that's all. The fact that 24.5% on the SPX gets us real close to the neckline on the H&S on the SPX does nothing more to make it a legitimate upper target in your mind? SPX 972 is also the 50% re-trace of the drop from the 1177 SPX highs this year, and it's also in the neighborhood of the neckline. I think the neckline is more important resistance than the 972 level, so my guess is that would be sold initially at least. We've already exceeded the .382 re-trace at 924 SPX. I'm not sure why the 22-24.5% range works, other than it seems we get to some important resistance and the MM's maybe believe 20% is sufficient to off-load their shares purchased at lower prices.