ScrapingBottom.com
If you are bottom-fishing for dot com companies, the Internet index suggest
that there is still no bottom in sight.
DST Systems
(
DST |
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Chart |
News |
PowerRating), which I mentioned yesterday as one to
watch for a continuation, did in fact continue on Wednesday.
On to the new setups.Â
There is one thing to be thankful about during this bear — that
we have an established trend. Albeit down, it is a trend. On that note, let’s
look at another potential short.
Today’s Watchlist:Â
(
JDSU |
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Chart |
News |
PowerRating)
JDS Uniphase
(
JDSU |
Quote |
Chart |
News |
PowerRating) is once again consolidating near its lows. As we
have seen from the last time it did this, which was in October, it can make a
powerful move following the consolidation. At this point, it has tested support
roughly five times. On Wednesday, once again, it is testing support, and
continues to trade near the lows. Set your alerts near Tuesday’s intraday low
and watch for a breakdown. More conservative traders will want to wait for a
move below the October 26 low of 62, as it may bounce there. Also noteworthy is
that the ADX reading is almost 40, which is a negative tone.
The weekly chart shows that the next major support level is near
50, which offered support in October of 1999.Â
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Until later,