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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

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Nov 28 4:00 PM EST

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To: James F. Hopkins who wrote (19867)	7/11/1999 4:29:00 PM
From: Berney	Read Replies (1) of 99985

Jim, I definitely watched and listened to your experience with the bear funds. I understood your conclusion that they made iffy daytrading vehicles because the COB NAV issue. However, I assure you that are duly stored in the bag of tricks, and when I feel the top is in, I'll be in them big-time. In the meantime, my 98% cash position was not badly hurt last week and available for the opportunities that may present themselves. I "expect" a normal retracement and then another charge at the top. Where that charge ends will provide me with a better view of where we are in the greater scheme of things. At this point, my "top" expectations are a little below both Don and Bill, and I greatly admire their skill. I don't think a 2-3% retracement is worth trying to time a bear fund; but, having the cash available for the next potential 3-5% charge to the summit will be worth having the cash to take the intra-day positions. BWDIK and JMHO Berney

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