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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: bearshark who wrote (35895)	12/23/1999 2:17:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

bearshark, the cycle work i am following suggests that the Dow could see a level of 15,000 next year. there is always the possibility of the cycle inverting, and some wave counts give a maximum Dow target of 11,900 approximately. nevertheless, if the money rotates into the cyclicals as you suggest, and the liquidity tap remains open (as it will) the Dow might do a melt-up similar to what we have seen in the NAZ lately. it all hinges of course on confidence remaining unperturbed, i.e. Y2K must really be a non-event, and the bond and the dollar should refrain from collapsing. if so, the rotation is a given imo. i also interpret the recent consolidation on the NYA chart as bullish, the only thing that's a bit disconcerting is that bullish sentiment is very high. that would suggest we are in need of a correction before the rotation can truly begin. regards, hb

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