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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.66

+0.2%

Dec 5 4:00 PM EST

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To: Lee Lichterman III who wrote (29435)	10/13/1999 6:03:00 PM
From: Challo Jeregy	Read Replies (3) of 99985

Lee (and bb), Interesting that you should mention that . . . IF we were to bounce off either at the previous low tomorrow or slightly above the previous low, would you consider it a successful retest and double bottom for the next leg up or would the fear of further interest rate hikes, etc take precedence and would you wait for another chance to short the rally instead fo going long??? Barbera (the local TV TA'er) sounded as if he had lost his best friend today.<g> He said that he thought we would retest the recent low intraday tomorrow and rebound over the next couple of days, possibly up to the 200 day resistance line (what is that - about 1310?), before the next leg down. He said due to the "awful" internals of this market, he thinks this is looking more and more like a bear market. He didn't sound very happy and this is a guy who usually has a very big smile. edit - I forgot to mention. He also said that this next rally would be the time to sell all longs.

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