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All,
It looks like Guy's sell signal was right on. First my EELN
recommendation didn't move up towards my buy stop at all, but instead
dropped all day and closed at the stop price. Considering that, and looking
at the market indices, I'm no longer interested in opening a position in
EELN. Looking at the indices, it looks like the DJI breakout through the
top of its Horizontal Channel (HC) a week ago was a false breakout. The
DJI has pulled back well inside the old HC and today broke out of the bottom
of its Short Term Up Trend Channel (STUTC). The NYA, OEX, SPX, and RUT
joined the DJI by also breaking out of the bottom of their respective STUTC
today. That tells me that Guy's signal was right and the market should drop
until those indices at least test the bottom of their HC. Therefore, I'm
also going to close my long market POTCX position tomorrow. I'll stick with
my individual positions in ABT, AMKR, DELL, & INTC and base any decisions on
them on their individual charts.
JimG
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