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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 694.04+0.7%Jan 9 4:00 PM EST
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To: pater tenebrarum who wrote (26099)9/16/1999 5:07:00 PM
From: Matthew L. Jones  Read Replies (1) of 99985
 
Heinz,

I fully expect a third and most drastic leg of our recent correction which IMO has not yet finished. That is why most smart money is sitting on the side. That's probably why the funds are day trading lately. But we need another week to ten days of strong rally to fully set up this down move. I think our near term rally will end in the last week of September for all the reasons you sited as well as the increased nervousness. This will set up the sell off which might just be triggered by AG (if not by him pick your excuse). We will see at least 10% drawdown in this third leg. If not, the bull market cannot really resume. IMO. Matt
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