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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: donald sew who wrote (23679)	8/24/1999 8:56:00 AM
From: pater tenebrarum	Read Replies (1) of 99985

Don, you may remember that i argued that the rally be given the benefit of the doubt. the new high in the INDU hasn't been very convincing though. it was accompanied by a host of non-confirmations and in terms of internals, the latest rally must count as one of the weaker ones of recent memory, as the a/d line barely managed to budge and NH/NL recovered only grudgingly. on the positive side i still see bullish sentiment comparatively low, and pullbacks should serve to further improve the sentiment picture. i currently expect a correction in the wake of the FOMC which should be followed by a more convincing, broad-based rally once it has run it's course. the final blow-off rally still lies ahead imo.

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