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Dimitris Tsokakis
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<DIV><FONT size=2>According to theory, at the end of an ascending
triangle</FONT></DIV>
<DIV><FONT size=2>the price will move upwards and will gain an equal
amount</FONT></DIV>
<DIV><FONT size=2>to the triangle base.</FONT></DIV>
<DIV><FONT size=2>Sometimes an exception is the verification of a
rule.</FONT></DIV>
<DIV><FONT size=2>The first day out of the triangle was bearish whithout
</FONT></DIV>
<DIV><FONT size=2>significant volume pressure.</FONT></DIV>
<DIV><FONT size=2>It is better to watch various formations when they are
</FONT></DIV>
<DIV><FONT size=2>active and not 3 months later, where psycology
selects</FONT></DIV>
<DIV><FONT size=2>only the "good" examples.</FONT></DIV>
<DIV><FONT size=2>On the other side, a bearish hint was declared 8 days
ago,</FONT></DIV>
<DIV><FONT size=2>not especially for CSCO but for the whole ^NDX
group.</FONT></DIV>
<DIV><FONT size=2>Looking at yesterdays 5 min intraday charts of IBM,
INTC,</FONT></DIV>
<DIV><FONT size=2>MSFT, DELL etc., I noticed volume increasing and price
dropping</FONT></DIV>
<DIV><FONT size=2>Many stocks closed at the lowest value of a day full of
pressure.</FONT></DIV>
<DIV><U><EM><FONT size=2>22/101 stocks had a bearish stochastic
divergence(highest since</FONT></EM></U></DIV>
<DIV><U><EM><FONT size=2>Jan 2000, the previous record was at June 22, 2000 with
16/101)</FONT></EM></U></DIV>
<DIV><U><EM><FONT size=2>and first of all ^NDX itself, with both RelativeSlope
and Stochastic</FONT></EM></U></DIV>
<DIV><FONT size=2><EM><U>bearish divergence.</U></EM></FONT></DIV>
<DIV><FONT size=2>I do not see anything optimistic in this group of
signals.</FONT></DIV>
<DIV><FONT size=2>I was reading somewhere, before Monday US open, some
estimates</FONT></DIV>
<DIV><FONT size=2>about a "no sign (yet!) of the pullback we've been
expecting "</FONT></DIV>
<DIV><FONT size=2>It is a matter of what signs does the analyst
watches.</FONT></DIV>
<DIV> </DIV>
<DIV><FONT size=2>Dimitris Tsokakis</FONT></DIV></BODY></HTML>
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