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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Real Man who wrote (80484)	7/14/2008 12:44:42 AM
From: sandeep	Read Replies (1) \| Respond to of 94695

Or not. The futures are retreating nicely as I write this. Must be the middle east and Chavez talking up oil - 300 they say...

To: Real Man who wrote (80484)	7/14/2008 3:27:10 AM
From: Kailash	Respond to of 94695

This is a pretty likely rallying point. I was resisting the idea we would rally at the old low, around 1280, and the lower bound of the current channel is arguably still lower, but we've fallen for so long without a letup that it's time to rally. If we do take off, the question is going to be how high are we going to make it -- the last rally aborted after a single day. What do you guys think? 1280 should be easy, upper bound around 1350? The situation is really volatile, since we can get some godawful real news at any time. A week on the up would be nice -- of course from my point of view, purely for positioning new shorts; I'm not going to ride this up. Kailash