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A bull flag should project at least 62% expansion of the first leg from the
retracement low or 1147+-. Like you, I am very dubious about this market but
if that's a bull flag, it's bullish especially in combination with the
outside reversal and taking out of two inside days so far. The critical part
is what happens if/when it gets back to the high because it's not a bull
flag without a significant move above 1087.50. The only significance of the
retracement levels is to show that the retracement has been < 25%.
My trading timing is suffering from 3+ weeks off so take it with a grain of
salt. One thing I have noticed most of the way up is that the emini sellers
(ask size) have tried repeatedly to overwhelm the buyers but the buyers keep
absorbing inventory and moving it up. The other thing which I noticed was
the unusual configuration of the reversal out of the triangle formation
discussed here yesterday. From what I hear a) there were big orders in the
spoo pit this morning at the lows which drove the futures up driving the
cash up in turn and b) the ESF (Exchange Stabilization Fund) is being used
to <interfere with> <support> <manipulate> the market (take your pick).
Earl
----- Original Message -----
From: "Ralph Volpe" <rjv@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, October 10, 2001 11:06 AM
Subject: Re: [RT] Bull to Bear
> Earl, what's the significance of a bull flag to you? I see you have lower
levels shown on your posted chart. Are you thinking those are
> possible levels for a retracement? In any case, I'm thinking there may be
significant new lows coming. Outside of lowered profits or outright
> losses, I can't imagine what will cause it. Are there any ideas out there?
>
> Ralph
>
> Earl Adamy wrote:
>
> > Does this look like a bull flag to anyone else out there?
> >
> > Earl
> >
> > ----- Original Message -----
> > From: "Ralph Volpe" <rjv@xxxxxxxxxx>
> > To: <realtraders@xxxxxxxxxxxxxxx>
> > Sent: Wednesday, October 10, 2001 10:53 AM
> > Subject: [RT] Bull to Bear
> >
> > > I haven't heard much lately from the Bears, and I hope some are still
> > > out there. It was my view nearly two weeks ago that a reversal was
> > > imminent from the lows after the WTC, and that seems to have occurred,
> > > but to a dramatically lesser degree then I expected. This rally has
> > > significant flaws that I think will weigh heavy on any further
progress
> > > in the markets from today's close forward. Now, if there are any Bears
> > > still out there, I'm ready to snuggle in with you. Is there room to
> > > accept a recalcitrant Bull?
> >
>
>
>
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>
>
>
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>
>
>
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