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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: Stephen who wrote (31701)	10/28/1999 1:33:00 PM
From: michael r potter	Read Replies (2) of 99985

Citigroup and American Express are bellweathers of this financial leadership group. Citi group has been up 8 out of the last 9 days since its $42 bottom. At that price it was trading at 12.9X '00 likely engs. [cheap]. My target for '00 is 20X engs. or around $65. [could over-shoot that by a few points]. Currently, it has already covered over 50% of '00 target in 9 days. Those funds caught bearish with to much cash, and piling on with high volume today are late to the party. Short term downside is limited by still left out buyers who will buy the dip, and I believe, short term upside is limited. This is a 12-15% engs grower. Despite short term overbought on many financials, this is more than a short term sector rotation IMO. Mike

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