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Stig
You may recall on 10-12-00 I sent precisely the chart you sent here. A
breakout of a wedge, which then comes back to the extend line... then bang!
I quite agree with the possibility of a major break. With further
thought, I think that because the two bar reversal (fully on the S&P) was
only a half a one on the Dow is quite significant, within this context...
(I asked Ira for his views and maybe he will come back with them).
The point that I made from the ragged range (you first heard that here!!)
was that on a monthly basis it could still break back IF it is a range,
rather than a Diamond. It was just another view, which we always have to be
looking for...
On balance, I go with the idea that it has broke and will go down - how far
is a different story and I think the American elections, Greenspan, et al
will come into play. But punting a put and expiration Friday next week,
makes for interesting tactical play. Which strike, which month, which...???
We are getting warmer... more views please.... off to bed shortly...
Bill Eykyn
t-bondtrader@xxxxxxxxxxxx
www.t-bondtrader.com
"Learn to read the tape"
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