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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: dennis michael patterson who wrote (37069)	1/9/2000 9:58:00 AM
From: HairBall	Read Replies (1) of 99985

dmp: I just took the time to read Favor's latest. He is saying the Dow 30 is overextended and he expects a consolidation for a day or two before heading higher. Our short-term Cycles call for a short-term high near January 10, plus or minus 1 day, and then a brief correction lasting between one and two days. There is resistance to any early rally on Monday near 11700 plus or minus 30 points intraday. Then he goes on to say While we remain bullish on the Dow this year, we believe the Dow has probably rallied a bit too far, too soon this week, so some correction next week is likely. However, it remains our position that the Dow is going dramatically higher this year, so we will instruct our subscribers to hold long positions. Many bullish consolidation patterns are bounded oscillating downtrends. And, I did not see any comments about the COMPX, obviously as important as the IND/DJI if not more. jerryfavors.com Regards, LG

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