Option manipulators lost their grip and the selling is accelerating. This is bad news for those hoping the current bounce was anything more than a bear flag. NQ has a gap to close at 1734 if things get really nasty.
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on Tuesday, March 13, 2007 at 3/13/2007 12:27:00 PM.
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3/13/07 1:54 PMAs you said, we moved right to the 20 DMA (or striking distance) and we plunged. This should bring more sellers to the market to help reach the 200 DMA. That would seem to be the strongest technical support available.
3/13/07 2:08 PM
I should have realized the significance of the 20 DMA as the middle of the channel or BB Bands and the draw it would have. GOOD CALL!
3/13/07 2:18 PM
The key was NDX 1761.50, Jan 2006 high failure on Friday and the lower high yesterday and today. That was really what I was focused on and it was correct. It's over, unless NQ closes back above 1765, Highly unlikely.
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