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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: Les H who wrote (19496)	7/6/1999 4:14:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Les, i think we actually exceeded said trendline a bit during the day. it is natural for the market not to blow past it on the first try, plus the extremely low put/call ratios and the anecdotal evidence of a big increase in bullishness were all suggesting that some kind of pullback was due. furthermore i guess the market can ignore a renewed decline in bonds and higher oil prices only up to a point. maybe reality will reassert itself for a while(but don't bet on it-it's a mania after all). regards, hb

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