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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.56

-2.0%

Jan 20 4:00 PM EST

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To: dennis michael patterson who wrote (19576)	7/7/1999 3:49:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Dennis, i agree that GE's performance equates to a bullish signal for the market as a whole. i have great respect for Shobin, btw. otoh, the massive amount of call buying in recent sessions still says a pullback should happen soon. the caveat being that during a blow-off such traditional indicators may not apply to the same degree as usual. thanks to the Fed, the blow-off seems indeed to unfold. i have no idea when and why it will all end, but for now i guess we're still headed higher. note that the market tends to go up on bad as well as good news - this means the bull market is intact in spite of the fact that it's only about 48% overvalued according to the Fed's fair value model. there is a remote possibility of the current advance being a bull trap - as SO has said, it's probably a good idea to have tight stops on long positions as insurance. otherwise the blow-off could carry us a lot higher still. we'll see what happens, but i dont think that this is a good thing for the economy's long term health; one day the whole house of cards will implode. regards, hb

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