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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: donald sew who wrote (27177)	9/25/1999 3:04:00 AM
From: Lee Lichterman III	Read Replies (1) of 99985

Well I was like a kid on X-mas and couldn't wait till tomorrow to peek at the charts. Not much changed but the odds of a short term rally have increased. The daily charts are littered with short term over sold indicators and many bounced off of or are near middle tine supports etc. We may see some sector rotation into Chemicals beleieve it or not as I show the cycle due for the CEX soon ahead of all the other sectors. Anyway, the daily charts are wanting to bounce here but... The weekly charts look like crud. You don't have to know TA to look at them and realize the party is ending mid term for the high flyers. They reversed off of top tines and are dropping impressively relative to their longer term charts. The P&F charts show an abundance of Os and double bottom breaks and the three line charts are just beginning to break downward which should mean that this sell off is only in it's infancy. One thing I will point out that I either messed up on or could be a clue to the coming sector rotation. My NYSE chart that I didn't used to post but added tonight is showing a good possibility of a bounce that could last longer than anything the tech stocks should be able to muster. Not sure what to make of it yet but I will look things over this weekend and hope to find an answer. I am too tired to think too much now so good night and Good Luck, Lee

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