I strongly believe that the charts often speak themselves,
you
just need to look at them from the right angle and at the right moment
- JB90
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08/29/2001
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The direction is defined ... | ||
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As we pointed out in our previous commentary
a triangle in Nasdaq chart and 1900 level are important things to watch.
The support line was easily broken, then a one day rally sparked by
CSCO comments about "stabilizing" business took us to re-test
the horizontal line, but this time it turned to be a resistance. This
is classical example of the continuation of the
bear trend. Technically a re-test of April's lows is a high probability event to occur in the near future. Exactly one year ago the real bear market fueled not only by overpriced
stocks, but by economic situation starting to deteriorate in general,
begun. A seasonal factor should add to downward pressure this time as
well. Good luck,
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