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At 06:28 AM 4/16/2005 -0700, you wrote:
>The worst week of the year is over. Am I talking about the markets? No - I'm
>talking about TAX Deadline week but it could be true for the markets as
>well. My Total Market Model reversed to bullish mode on Friday and there are
>a huge number of stocks signaling a reversal for Monday-Tuesday so my guess
>is we have relieved most of the selling pressure and given any kind of
>positive impulses, we will see an up market next week..
>In the DOW 30 I would be shorting JNJ,MRK, PFE & PG and buying the rest. The
>NASDAQ should also be strong next week.
>Good trading.
>Jim White
>PivotTrader.com
>Home of the Near Impulse Forecaster
Jim,
I agree with the first part of your post. I too think the
correction/selling has gone into a capitulation mode and we are due for at
least a dead cat bounce if not a mid term floor but I can't agree with you
on shorting the big pharma's .. they have already taken such a beating that
for me, that play is over and if anything, I would be getting in them. I'm
holding a large position in PDLI, (which was up nearly a buck and a half
yesterday), and I'm eyeing PFE. Why do you think the large drugs are still
shorts?
Thanks,
Bob
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