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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 687.57

+0.7%

Dec 10 4:00 PM EST

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To: HairBall who started this subject	3/9/2001 5:04:26 PM
From: jmootx	of 99985

Oex still holding the pivot point. I have been marking 642 as a pivot for a while. Last week we had a trading range of 625-659--median range 642. This week we had 654-629---median range 642. Simply more consolidation at this bottom. Tech is down to I believe 20% of the S&P. In timing the fed rate cycle 6-12 months out we are in great shape for the 80% of non tech out there. Stocks that I am long: HS resources, Abercrombie and Fitch, and Washington Mutual. We are beginning to ignore tech, but rate cuts will support the bottom here. INTC holding above its low on an abysmal profit picture proves most money has cashed out. The money sold today in tech will go to the broader S&P that will lead, the hedgies will cover some of the tech and the rally will get going some more.

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