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There is no question that the downtrend is still in place. However, I
believe that there is opportunity on the long side at current close
of 844 for a reasonable short term gain. Reasons:
1. 60 min bar and daily chart appear oversold.
2. Advancers at the close actually were better than during the day.
3. Volume at the close to get to low levels were low.
I am a buyer in Globex if a still decent price can be obtained.
I also agree with Earl re. PEG. But I do not remember the last time I
saw GE [a Dow component which constitutes 3% of the S&P] at a PEG of
1.2. That is close enough to parity for me. If I had the time I would
look at the PEG of other Dow components that are in the S&P.
John
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