Go to Jeff Salisbury LWGate Home Page.From: "Hill, Ernie" <Ernie.Hill@ElPaso.com>
Subject: [CANSLIM] M
Date: Thu, 9 May 2002 16:38:25 -0500
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Hi group,
Once again my turn signal criterion has been met by yesterday's price
action. Maybe this time the low made on 5-7 will hold. The coming reaction
to this current downtrend will have a hard time getting very far. I call it
a reaction because the downtrend was very technically damaging from my point
of view, and I don't see much chance of a fundamental change in trend, at
least not the way the market looks right now. If the coming reaction is
stronger than I anticipate then I may be forced to change my interpretation.
I see very strong resistance in the 1103 to 1111 area on the S&P. The
highest probability that I see for the top of this reaction is 1111 to occur
within four days either side of 5-22. If M is able to take out this
resistance level then the next most likely target from which to expect a
turn back down would be in the 1126 to 1137 range with the upper part of
that range being the most likely target.
E
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<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'>Hi group,<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'>Once again my turn signal criterion has been met by yest=
erday's
price action. Maybe this time the low made on 5-7 will hold. The coming rea=
ction
to this current downtrend will have a hard time getting very far. I call it=
a
reaction because the downtrend was very technically damaging from my point =
of
view, and I don't see much chance of a fundamental change in trend, at
least not the way the market looks right now. If the coming reaction is
stronger than I anticipate then I may be forced to change my interpretation=
.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'>I see very strong resistance in the 1103 to 1111 area on=
the
S&P. The highest probability that I see for the top of this reaction is
1111 to occur within four days either side of 5-22. If M is able to take out
this resistance level then the next most likely target from which to expect=
a
turn back down would be in the 1126 to 1137 range with the upper part of th=
at
range being the most likely target.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span style=3D'font-size:1=
0.0pt;
font-family:Arial'>E<o:p></o:p></span></font></p>
</div>
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