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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 670.21-1.1%Nov 6 4:00 PM EST
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To: Vitas who wrote (34300)11/27/1999 12:37:00 PM
From: StockOperator  Read Replies (3) of 99985
 
How high is too high? I think this market is going to answer that question for all of us as trading plays out over this favorable seasonal period. In the very short term (days - week(1)) I think the market MAY get rattled as the long bond pushes towards the 6.5% area. If that does happen I would pay close attention to the stocks that have NOT participated in the move as of yet. Stocks like DELL that are pointing towards a breakout out of its consolidation pattern. My thinking is that stocks like CSCO, AOL and SUNW which have made huge moves already have much more room to correct than a stock like DELL. If the smart money is going to ATTEMPT to shake the loose fruit from the trees they will do it with the CSCO's of the world. The manner in which this market holds up to this possible rise in rates will be key for me. Let me just say that it is very possible that this overall move may in fact be in its infancy! When I look at the basket of stocks that I follow to include some of the major players as well as almost every internet IPO of the last five months I am seeing stocks that are attempting to break out of basing patterns. Besides the charts of the major indexes like the DOW and RUT which are still pointing towards higher prices.

How this market handles a possible break to the next level in rates should be the key over the next couple of weeks.

Regards,

StockOperator
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