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  • easy.jackpot Feb 28, 2013 9:45 AM Flag

    JK... CRM SAP ORCL & Nasdaq

    So we a have seen the island reversal top by all 3 of these stocks. The catalyst will be guidance that the whole sector is beginning to slow in growth.
    All of the find the 50dma as resistance.

    I have an initial support of this at 15000 after earning then a little bounce to create the shoulder and then support at 12000. If it breaks 12000 this could sink!

    JK whats your reading?

    Sentiment: Strong Sell

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    • All 3 are strong sells and should implode immediately. Thanks for the heads up on SAP. I've never followed that stock - yes, an island reversal at the all time high. Notice the headfake on pcln yesterday. Already given up $32 of it's initial $35 gain ( and thats while the major indexes have soared. I believe the top was made on the overall market on the outside day on the SPX on Feb 25th. All world markets have aligned as well with technical tops in place ( London, Hong Kong, France - the ugliest, Germany, Japan) . Crm has broken the initial support level of $169 that I mentioned a week ago, and failed to get back above it despite the ongoing rally attempts in the overall market. I believe Crm will implode on this very evening. Could I be wrong ? Sure. But the major majority of my account is against this stock. I'll take this chart setup every time. Best wishes. The 3 key stocks I'm against right now are Crm, Amzn, and Lulu ( with Apr 67.50 puts for the earnings report at end of March).

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