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An analysis of the Dow is far from bearish long term. If it reatraced 60% it
would leave you in the 6000 area. Right now the Dow is moving down in a very
slight channel. Up until now it has been trading in a range from 10,300+/- to
11,300 +/-. That is a 10% range. Plenty of movement to trade in either
direction and there hasn't been a free fall yet. The NASDAQ is another story.
They have taken greed out and shot it. They have proven the fact that a
company has to make money to stay in business. I don't see anything in the dow
right now that Cocky Locky should worry about, and neither Greenspan nor W can
tell me that it shows that this country is going into economic disaster. You
can't expect a $20 billion dollar company to grow at 50% per year and therefore
carry that multiple. I am a technician, but even technicians have to listen to
reason once in a while. Good trading, Ira
BobsKC wrote:
> Everyone is selling it. The trouble that I see is that all "knowledgeable"
> people are selling into every rally and predicting lower prices while
> making claims that too many people are positive on the market. I don't see
> these positive hordes and find the market over-all sentiment to be mostly
> negative. I would caution against large short positions into such unified
> opinion.
>
> Bob
>
> At 10:14 AM 3/7/2001 -0600, you wrote:
> >Morning!
> >
> >Here's what I am seeing...I''m a seller of this current rally...Overhead
> >resistance at 1266, 1268.50, 1270.50 and key swing high resistance at
> >1277...First support is 1253-54 and then 1250.
> >
> >Tim Morge
> >www.medianline.com
> >
> >To unsubscribe from this group, send an email to:
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> >
> >
> >
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> >
>
>
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>
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