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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

Nov 19 4:00 PM EST

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To: Lee Lichterman III who wrote (25502)	9/10/1999 4:42:00 PM
From: pater tenebrarum	Read Replies (3) of 99985

Lee, i don't know if you remember my post from yesterday where i mentioned that NYSE members have been net sellers for 4 weeks in a row. whenever that happens and the market continues up i'm starting to pay close attention. the bond should have pushed the banks today, but it didn't. in fact, the rally in the bond market is largely inexplicable to me. i took a very close look at the PPI components, and i did certainly not find any reasons to celebrate in it. i suspect the market will begin to reflect this over the next few sessions - of course, CPI may yet turn things around, but it closely tracks PPI and PPI showed signs of an enormous acceleration in cost push inflation. the mania may yet override these concerns and cycles seem to point to the likelihood of a blow-off developing, so we may not get a big pullback just yet. but there are more and more indications that the market is starting to live on borrowed time imo. btw, can you imagine: i closed out a big short position in MYG a few days ago for a gain of a few points...i was kicking myself today for that. regards, hb

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