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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

Nov 20 4:00 PM EST

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To: Vitas who wrote (20166)	7/15/1999 3:31:00 AM
From: Berney	Read Replies (1) of 99985

Vitas, I think I have the same coin. I noted previously that I'm looking for a top in OEX at about 730 next week. My wildcard in the equation is the drug sector; one of the four legs in this bull-market stool. If MRK breaks resistance at $76, then I'll need to reconsider the upside, as I really thought that the drugs reaching the previous highs would signify the market high. However, it is looking more and more that the BS politics over medicare will make the drugs a non-issue. As a citizen of the Republic, I can only hope that the Republicans do not cave in to another transfer of wealth program. The politicians will put their "normal" CPI factor in the equation and another social program will be born. Since most physicians are just pill dispensers, this program scares the **** out of me. However, it does amuse me that the market has interpreted this additional transfer of wealth as being negative to drug companies. Just my view from the swamp. Berney

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