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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 680.28

-0.5%

4:00 PM EST

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To: Jerry Olson who wrote (24926)	9/5/1999 2:43:00 PM
From: Robert Graham	Read Replies (2) of 99985

I think usually it is the first pullback in a newly formed trend that has the least risk associated to it. But we have an interesting case here. The prices were gapped up to such an extent by the MMs and specialists that it left many at the starting gate, even the "pofessional" player who does not gamble before the fact on the markets reaction to news. Furthermore, after the gap up, there was no pullback of any significance. So there are allot of waiting players out there ready to jump aboard, both public and professional. The question is will they wait for their anticipated pullback? Or will they dive in on a minor pullback when the price continues to prove itself, which would actually help make this leg up also a relatively low risk play? Thoughts to ponder. Bob Graham PS: It was interesting that QCOM first broke out of its bottom followed by EXDS and the NASDAQ index in anticipation of a breakout by INTC. Also EBAY continues to log impressive gains at apparent turning points in market sentiment such as the one we have just experienced, once again one the stocks that lead the NASDAQ up to extend its gains made earlier in the day. By the way, EXDS and QCOM are part of the "hot stocks" from a list Cramer has made up. I think these stocks are worth following. Note that here I am not saying to trade, just to follow.

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