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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.52

-0.3%

Jan 7 4:00 PM EST

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To: John who wrote (77329)	5/22/2001 10:17:17 PM
From: t2	of 99985

Watch out for a bombshell tomorrow! Vermont Senator Jim Jeffords is holding a press conference tomorrow morning. From what I have watched on TV, it appears that he will switch after the tax bill is approved (not 100% sure though). To me that was really the only market moving event on the horizon. It does put downward pressure on the Nasdaq but I don't believe it will last. The semiconductor book to bill was going to be a non-factor if the political change was not happening. This adds a bit of uncertainty tomorrow at the open. Tomorrow could be weak with a mild rebound late afternoon..will probably still be a negative close especially since we had so many positive days on the Naz. The extent of the damage in the morning will tell us a lot about the strength of the Nasdaq's momentum. In any case, expecting the market to rebound by late Wednesday leading into Thursday. Now the Democrats will have control in: Approving judge nominations; starting their own stupid investigations into Bush fundraising just like the GOP gave Clinton a hard time; protecting the environment (thankfully). Plenty of entertainment on the way in the coming months.<g>

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