The action of the SOX yesterday and today certainly argues strongly that the rally from October 19 to October 24 represented a countertrend bounce, which has been followed by the plunge that is heading for a retest of the prior low at 425.13.  If that low is violated, then we should expect additional weakness that presses the SOX to test its long-term support line, which cuts across the price axis in the vicinity of 409.

MJP 10/27/05

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