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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: JDN who wrote (661058)	11/17/2004 11:45:32 AM
From: Proud_Infidel	Read Replies (1) \| Respond to of 769670

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To: JDN who wrote (661058)	11/17/2004 12:50:26 PM
From: Hope Praytochange	Respond to of 769670

Our Gann Cycles have been calling for a specific type of short-term correction in this time frame, and the bare minimum requirements for that pullback were not satisfied until today. For the bare minimum requirements for the expected correction in this time frame to be satisfied today the Dow needed to fall below 10,517 on a print basis and 10,463 intraday. Both of those requirements were met today. At the lows today the Dow was down 73 points, reaching a print low of 10,477.95. The Dow closed down 62.59, with the Nasdaq closing down 15.47. While we allow for some further correction tomorrow, our work strongly suggests that even higher prices are coming in this time frame, probably before the week is out. The odds are high that any further correction this week will prove short-lived, and that an even stronger rally should follow before the week is out. So far the high for the current rally has been 10,563. A rise above that resistance level from here would signal that an even stronger rise is coming, at least over the very short term. However, while it remains our position that still-higher prices are likely short term, we do not believe that dramatically higher prices are likely over the short term. We believe the odds are high that the Dow will ultimately rise near or above 11,000 before the current rally phase peaks, but we do not believe that is going to occur over the very short term. It will take weeks before a rise near or above 11,000 unfolds, and it will not be a straight-up affair before that happens. There will be corrections, and days when the Dow essentially just moves sideways, so do not expect too much too soon. For now the current short-term resistance will be 10,565 on a print basis on the Dow. A rise above that resistance will signal that some further rally is coming this week. The next strongest resistance would be near 10,700, plus or minus 20 points. While we allow for some further pullback very short term, you should use any further correction as a buying opportunity to raise long positions to 60%.