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OI Technical Staff : 7/22/2006 9:59:59 PM

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Marc Eckelberry : 7/22/2006 12:47:28 PM

Week Trade Recap: NQ +1.25.
This is almost too painful to type, but there it is. After being +45 on the trade, this was all that was left in the end. Obvioulsy, this market is not in buy and hold from "bottoms" quite yet. The bottom from Tuesday did in fact hold, but it is a real disappointment for bulls overall. The only support for the markets now is the perception that the Feds are done and in fact might even lighten in October. That's it folks, because earnings were nothing to write home about. We all knew that the Feds went too far, now it has trickled down into earnings and it is obvious their zeal to curb inflation is only matched by their zeal to ruin Americans.

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