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EMC seems to be close to make-break on the 3 peaks pattern, in miniature.
Chart attached with 50 ema and 200 sma/ema.
PFE is about to be CANSLIM breakout without the volume confirmation - and is
under extreme institutional tug of war accumulation-distribution today. Size
seller of 600,000 taken down 1/16, seems to indicate strength. Short term
such charts are always overbought - so if it is a valid breakout, price
should accelerate from here. Volume needs to do 3-4 million more shares
today to meet with CANSLIM conditions, seems unlikely...
Gitanshu
Disc: Long PFE, no EMC position
PS: Re Earl's comments from PPS: Stole the words out of my mouth, I was
scanning my charts to highlight failed rising wedges on indices and a few
large cap stocks that I've observed on recent occasions. Thanks for that
statistical history, though.
Attachment Converted: "f:\eudora\attach\emc.gif"
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