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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.52

-0.3%

4:00 PM EST

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To: Berney who wrote (76690)	5/9/2001 9:09:32 AM
From: American Spirit	Read Replies (1) of 99985

If you're short good move for this morning but this should be a one-day profit-taking trap for shorts before a rally into the Fed meeting. The stocks shorts like to knock have already been knocked down in pre-market. So the question is is there anything left but a squeeze? If my prediction holds, CSCO will settle to 18 along with the other high-flier types and this is healthy for the next bull run. These stocks are no longer the leaders. We need this one day of profit-taking before a run-up into the .50 cut. Some predict a rally will continue beyond that but I'm not sure. Looking very short-term here. Basically this market has been neutral all week. I don't know why people were buying CSCO into earnings, I wouldn't have. Therefore just like this week's rallies have fizzled so too should the sell-off by tomorrow. Next week might be a better and certainly safer time to short more than a day-trade IMHO. Or you can risk holding shorts through the Fed meeting and all the bullish spin which will accompany it. COMS down below cash in the bank value again. This should be of concern to shorts as well.

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