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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: Vitas who wrote (24224)	8/31/1999 9:18:00 AM
From: Les H	Read Replies (3) of 99985

I keep McClellan summation indexes for the S&P 100, the Nasdaq 100, the Nasdaq 15 Most Active, the NYSE 15 Most Active, and the Gorilla Stocks (17 stocks, 58% of total market cap). All of the summation indexes were flat at the bottom during the August rally and have started to turn down lower. The Gorilla's summation index went somewhat higher but not much. The June-July rally was the only rally since January to be confirmed by the McClellan summation index. Hence, the whole January-August period might be viewed as distribution.

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