MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

4:00 PM EST

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To: Les H who wrote (36504)	1/3/2000 7:50:00 PM
From: bobby beara	Read Replies (2) of 99985

>>>McClellan Oscillator hit +163 on Friday, which implies the start of a worthwhile rally to the upside once this short-term correction is out of the way.<<< Normally that would be the case, but the big positive breadth day that sent the oscillator up that high was on a low volume half-day holiday, making the reading not trustworthy. Looks like the January effect that started on december 15th is over with the big reversal in breadth today, and it's back to the samo samo, sell the losers and buy the rocket ships. The tyx gapped over the parallel channel lines using the august and october highs, i think the tyx will start looking like an internet stock -g- strong resistance at 7.18% area, the 97 high.

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