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Strategies & Market Trends : Fidelity Select Sector funds

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To: Shihchung Diana Shiue who wrote ()	12/12/1998 6:57:00 PM
From: Jim Battaglia	Read Replies (1) of 4916

TO ALL: Where from here? In a article from the "Advisor Corner": Todd Market ForecastBy Steve ToddStock Market Update for 12/11/98 Stock market update for the close on Friday, December 11, 1998 BOTTOM LINE " We remain on a short term buy signal from the close on December 7 and we remain on a longer term buy signal from the close on October 19. There is a lot of news and rumor floating around and none of it is particularly bullish. We are talking about profits warnings, impeachment and Iraq. However, some market measures have already been down for a number of days and some short term gauges are back to oversold levels so we could be approaching a near term rally. For the past several sessions there has been a street fight between market measures. The Dow and advance decline line have been sinking for almost three weeks. The S&P 500, which is what we use to key our short term prognosis, has been going mainly sideways and the NASDAQ Composite and high tech indices have been going higher. Probably the key is Monday. If the Dow and advance decline line both head higher along with the other important indices, we think the decline is probably over and it will be time to move higher. A solid down session on Monday would imply several more days of weakness. When you think of the bad news the markets have had to deal with and the additional fact that they were hit with a lot of this when they were overbought, the reaction has been pretty mild. We think that this is because the intermediate to longer term underpinnings have continued to be strong. We look for higher prices well into late January." Jim

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