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Buzz & Banter



Studious to please, yet not ashamed to fail

- Samuel Johnson

Regarding the Fun With Numbers setup, we remain of two minds. On the one hand, though the setup we described didn't play out exactly, we have seen a pullback (1.60%) off a new "spike" high on Friday. Technically speaking, Friday's spike to new highs and the subsequent pullback could qualify as the beginnings of an important trend change (and count the 1062.39 price as the high) with respect to the three studies that we were employing to get to our 11/7/03 time and price targets. Could. No, it wasn't ideal, but what ever is? And on the other hand, it remains possible that the pullback from those highs is preparing the markets for one more new high above the 1062.39 Friday morning spike.

What would help tip the balance for us between one or the other of the two possibilities above? Well, a lot will be learned by the price, volume, momentum, breadth, and tick action on the bounce that is likely to develop in the next day or two. Either that bounce gets to important resistance points and fails hard or it goes through them on the upside. The former would go a long way to suggesting a regime change from buyers to sellers. The latter would suggest a new high above the 11/7 AM spike. What are those resistance levels? I don't have them precisely pinned down right now (as they are a function of whatever "good bottom" we find), but I will post them as soon as I feel confidently about them.

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