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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: GROUND ZERO™ who wrote (18845)	6/29/1999 7:52:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

GZ, granted the successful test of former resistance is constructive technical action. with regards to the burden of proof, that depends both on your time horizon and point of view...note that several technical indicators 'underneath' the price action, such as new highs/lows, the a/d line, a double top in the summation index, put/call ratios, mutual fund cash levels, etc. are not exactly comfortingly bullish indications. from a fundamental point of view the burden of proof has shifted to the bulls a while ago. i will admit however that it can be a costly experience to approach this market exclusively via fundamentals. in fact, this has become all but impossible. we'll see what the FOMC and the jobs data on friday bring; it is unusual to see this degree of complacency ahead of such important events and a shake-out would be a healthy development imo. regards, hb

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