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To: Perspective who wrote (66781)	2/19/2003 1:55:00 PM
From: mishedlo	Respond to of 209892

This TRIN/TRINQ and the action at 850 and QQQ 25 says no. The easiest way to induce a meltup would have been a rally from the getgo, to force delta hedging long by the QQQ call sellers. Did not happen, nor does it look like it will. That does not mean it wwon't but it sure looked like distribution to me, right at resistance, and the TRIN keeps inching higher. Bonds yesterday did not confirm this rally either, nor does gold or the US$. Lots of negative divergences here. M

To: Perspective who wrote (66781)	2/19/2003 1:55:12 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

S'pose it would be possible to have a wave 5 launch off a gap fill on SPX and BKX, and gap test on NDX. But that would violate alternation (two sharp corrections) and start to make me favor that we'd seen a completed three waves up. This putative 4 is starting to run too long for my tastes given the sharp wave 2. BC