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We must first make it through very heavy resistance between 1122-1128 where
I have confluence of previous pivot high on 8/21, a major channel top, and
price projection from latest correction. If we make it through with any
energy remaining (questionable), should see 1166. Markets world-wide are now
heavily overbought however one must wait for the decline to begin in earnest
before going short. These long sideways corrections we've been having
substitute for deeper retracements. In spite of interest rate declines
favorable to the S&P TBill/EarningsYield ratio, we have returned to high
danger territory due to rise in S&P and decline in S&P earnings.
Earl
-----Original Message-----
From: Proffittak@xxxxxxx <Proffittak@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, November 02, 1998 9:10 AM
Subject: projection
>good morning
>
>on 10/16/98 you wrote upside target is 1138
>
>
>well we even pass it
>congratulations on a great call
>can you share with us your current outlook
>
>warm regards
>Ben
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