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Some interesting things have occurred on the charts
with Wednesday and Fridays numbers. There is nothing in price that has
voided the down trend in the indexes and the rally prices are due for a
retracement, but I would be careful about going short into a retracement of this
rally. There appears to be a 60% probability that the Nasdaq composite
could get to 1500, the 100 to 1170, the S&P to 1050 and the DOW to
10,000. There are some strong resistance points prior to reaching these
numbers, but they are there. So, if you are going to short the first thing
on Monday, it may pay to have a safety net somewhere. Good trading, Ira.
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