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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

4:00 PM EST

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To: bobby beara who wrote (17225)	6/14/1999 3:48:00 PM
From: j.o.	Read Replies (1) of 99985

Good call on rates, Bobby - we have more than reached our targets for this upmove in terms of wave length. And now we're seeing what looks to me like a minor "blow-off" in the rates. There are some heavily bloodied hedge funds out there, and they are all having to take their hits at these levels. Usually when that sort of excess gets squeezed out, we have a nice recovery. I know that things look pretty bad now, but I am starting to take on a position from here, and will add to it if we show convincing signs of a top. I am being a little greedy in shorting bonds now, so I'll probably get taught a lesson <gg>. I am just now back at home after 1 week on the road. I will try to give my view on the overall equity picture later today. Hope all is well! j.o.

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