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I think we've made it to a rather important level. As mentioned previously,
I think everything remains very positive, as long as we don't fall below
7820. My intermediate term trendline is at about 7800, and a 2.618
projection of the initial 7/31 - 8/4 drop is that 7820 mark. We kissed 7820
this morning, and have bounced ever so slightly.
I'll give the market every opportunity to establish a bottom, but a strong
move below 7800 is my line in the sand for long term securities.
Peter
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