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I think that the market (INDU) will continue down. I think that people
are starting to realize that the internet bubble may pop. Realizing
that many of these internet companies can't earn 1 cent and the
accounting method used (proforma) is like someone selling snake oil.
Also, with companies not meeting earning estimates like NSM (stock)
who's earnings come in lower than expected and then get upgraded before
the opening bell.
The market should come to the 50 retacement level of 10170. With the
CPI report due out this week (Wed 6/16/99, I believe) , it should hit
this level.
The next CIT is 6/17-6/18. Using the Fib time zone (CD), I'm using two
peaks here, the one on May 13 and June 7, the 34th time zone falls on
6/16/99 and the 8th time zone falls on 6/15
It should be fun week.
Trade Well,
Joe Frabosilio
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