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To: Henry J Costanzo who wrote (125729)11/2/2005 11:13:06 PM
From: The Freep  Read Replies (1) | Respond to of 209892
 
MC, I'm sorta misquoting shack. I was pointing out that in the period I mentioned (approximately 17 weeks) anyone waiting for JPM to retrace any fib % was waiting in vain. So watching JPM go up for 10 days here and thinking that it's likely to fall back a bunch is ignoring a prior strong trend.

I'd also point out that on the weekly

stockcharts.com[a,a]waclyyay[d19980929,20051229][pc9!c13!c20!d20,2!c50!b50!c200!b200!f][vc60][iLa12,26,9!Lh5,5!Li10,10!Lp14,3,3!Ll14!Lo14!Lb14!Le5,10,1!Lh89,34!Lh45,17!Li180,68!Lp3,2,2!Lb5!Lp13,8,3][J30509437,Y]&pref=G

JPM has regained the 50, 200, and, well, all the other colorful lines on that chart, has the MACD popping up over zero, and all sorts of other indicators pointing UP with room to run in most cases.

So, I'll make ya a bet -- 35 won't come this year. If I'm wrong, I send you a beautiful holiday card. If you're wrong, you pay for Freeplet's college education!!!!

the freep



To: Henry J Costanzo who wrote (125729)11/3/2005 12:56:53 AM
From: Shack  Respond to of 209892
 
It really wasn't that significant a comment regarding JPM. It may retrace, it may not, that was the gist. Freep and I were discussing how over-extended the chart was near-term and I was looking at the JPM impulse in early-mid 2003 which was a steady climb without a single pullback.

In any event,I think JPM is pointed up along with the entire BKX which I have heading to new highs. Whether it pulls back is irrelevant to me, my BAC calls are far enough out.


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