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The market is in the mood to ignore the bad news you mention and rally ...
the rally will accelerate and the shorts will go on the ropes. When the
shorts have finished covering, the market will tank.
Earl
----- Original Message -----
From: "John Cappello" <jvc689@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <MedianLine@xxxxxxxxxxxxxxx>
Sent: Wednesday, August 14, 2002 5:38 PM
Subject: [RT] Thursday Prognosis of S&P
>
> I know general TA consensus says that we have broken a major
> resistance and 947 or better is in sight tomorrow.
>
> This may be true but this rally could have also been fueled by the
> absence of major bad news and CEOs signing on the dotted line.Plus
> coming off the heels of a major decline never hurts.
>
> Tomorrow I believe that:
>
> 1. UAL will announce Bankruptcy plans
>
> 2. Major CEOs of certain firms will not sign
>
> 3. Companies will announce a need to redo back years
>
> 4. While we passed the early Aug. high we are still below July highs
>
> 5. The 200 day moving average is a long way off
>
> 6. 775.9 may have been the low for this cycle but that does not mean
> 880 will not be retested.
>
> We can move higher but I think we will end lower. It would not take
> much to derail this uptrend which until now has been fueled by weak
> volume.
>
> This one may have passed a "magic" number but that does not mean that
> it "is" the magic number to climb aboard.
>
> Thoughts?
>
>
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>
>
>
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>
>
>
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