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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 684.45

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To: Eddy Blinker who wrote (18869)	6/29/1999 11:28:00 PM
From: Stephen	of 99985

ED, ... OT ...thanks for your valuable opinion. Its not that I disagree with you, but I wondered if you had NITE in mind for a particular reason. I was disappointed with its performance today - but fortunately I was holding a position from yesterday so lack of follow-thru didn't stop me from profiting (GG). It has resistance at 56 anyway. TA wise, I agree and think it could hit 41. Fundamentally I like it more and if the market turns positive it should have an earnings run imho. There seems to be something of a concensus among many that there is a likelihood of a rally for earnings ... the question is ... when does it begin !! There are too many reasons for a decline tomorrow for me to ignore. I am hoping for a pop in the a.m. when I might close some other longs I have supposedly as 'investments'. But the odds heavily favour a pull-back before the day is over. Longer term .... the divergence of opinions is interesting. Last time I heard, Bollinger, Favors & LG were looking for a blow-off top. Personally I find it difficult to believe that there will not be a Y2K sell-off sometime .... but as with everything, timing is the key. I'll play earnings from the long side ... though I will be nervous just as Don is looking to go long (history is on Don's side ... but some key earnings will have already been announced by the end of the second week). But ... tomorrow first .. I should have posted my intradays today .. they were stunningly good after a weak tech start.... so trading long was a no-brainer. I'll keep everyone posted tomorrow ... its a promise !! Thanks again Stephen

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