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To: Larry S. who wrote (50924)	2/4/2004 6:45:58 AM
From: DanZ	Read Replies (1) \| Respond to of 53068

The market is in for a fairly big test this morning. The QQQ should have support near 36, which is where it has based the last few days. That level also provided resistance from Oct to Dec 2003 before it finally broke out on Dec 29. The DJIA rose much faster than the QQQ, and doesn't have much support below 10,400 until 9900 to 10,000. It will be interesting to see if the market breaks short term support here, with the futures down about 5 points on Globex. Sentiment got way too bullish a couple of weeks ago (VIX at record low levels) and people were buying stocks just because they thought that someone would pay more than them ten minutes later. Fundamentals always win, eventually. My guess is that the QQQ and DJIA will give up their short term support, but I am going to place a trailing stop on my QQQ and DIA shorts just in case the support holds and they turn around.