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Strategies & Market Trends : MDA - Market Direction Analysis

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To: bobby beara who wrote (20817)	7/22/1999 5:04:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Bobby, there is something particularly exciting about a market that goes down for 'no good reason' and CNBC's Nasdaq correspondent mentioning that the decline elicited merely 'mild concern'. i will be on the look-out for options players buying OEX calls on rebound speculation. if that happens, we're in trouble. the Yen has put away $30 bn. worth of BOJ intervention with scarcely a pause. that's the reason for the sell-off in the bond. if the yen continues up, the bond market will tank mightily; we would then have to consider a possible replay of the '87 scenario. of course i don't really believe that yet. but i advise everybody to keep a close eye on the Dollar index - it's the key to future stock market direction. it wasn't AG that spooked the market, it was the Yen. regards, hb

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