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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: Henry J Costanzo who wrote (135781)	8/17/2006 4:38:30 PM
From: Shack	Read Replies (3) \| Respond to of 209892

I am a little spooked by the OSIP. Potential rising ED on the dailies and hence I bailed for a gain. I am actually out all of my longs now, many of the patterns I was tracking have played out already. If the action for instance on IBM has all been an ABC then it would be done. Even DD made it back to the top of its wedge. And as for the rising SPX wedge, while I am skeptical, it is still there. So I will sit and watch for a little bit. One of the reasons I was skeptical of the SPX wedge is gone actually, how was the SMH going to get to my target without the SPX wedge hounding, well it did. So while I am not shorting, I am cautious here. Seems like I'm flipping sides pretty quickly, but I didn't expect the rally to be so fast. I haven't quite joined ski and wave3 and the rest of the near-term bears quite yet, but there is enough potential for that scenario now. Maybe ski isn't nuts after all.-g