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Once the "handle" cracks the 38% retracement of the cup or the bottom of
the handle is taken out, it's often a pretty good short.
Earl
----- Original Message -----
From: "Gitanshu Buch" <OnWingsOfEagles@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, June 22, 2000 1:17 PM
Subject: [RT] MKT: Big Ben, other Stock notes
> Man, was Ben right re the market !
>
> Re NOK: I consider a failed breakout as a leading indicator of
underlying
> weakness.
>
> Plays havoc with the position trader's apathy to churn, but brings
fruit to
> the "free your mind and the rest will follow" kind of money chaser...
>
> Someone really wants out as NOK now trades below 50 day ema on double
> average volume. And the day's still got 1 hour to go. I wonder if the
RSI
> divergence sets up a springboard buy on the Daily...
>
> Stocks that broke out to new highs from cups and handles before the
market
> took off early on (SDLI, TECH, KEI etc) are all under distribution.
Either
> this becomes the pullback to test the old breakout highs, or this is
the
> inflection point for something larger. The biotechs are setting up for
a
> sell the news event for next week. The few surviving
semiconductor/equipment
> stocks are rotating leadership out of MU LLTC etc into ALSC ELNT.
>
> SSTI can't seem to hold onto its c&h breakout from yesterday, and if
it
> closes here it will form a lizard/tail sell bar for a short below
today's
> low tomorrow.
>
> Looks like the new money finds its way into something by selling off
> something else, with the net change in flows being zero.
>
> Would you believe Burr Brown was a CANSLIM pluck at new highs two days
ago?
> Never before have I experienced a c&h breakout being acquired...
>
> Today, PEP and PFE also get sold but BUD trades higher.
>
> Nothing's doing.
>
> I hate it when the trends aren't there.
>
> Gitanshu
>
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