MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.31

-1.1%

Nov 6 4:00 PM EST

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To: dennis michael patterson who wrote (38260)	1/27/2000 3:33:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Dennis, it all sounds quite reasonable, with the exception that the merchandise is far from 'cheap'. if the market plunged by 50% to-morrow we would reach the valuation levels of the '29 top....(sorry. couldn't resist<ggg>) note that forced selling due to margin calls has maybe begun, but hardly run it's course. margin debt has exploded during November and December, and this little dip has probably not even dented most margined accounts. can we bounce to-morrow? sure, but if i were planning to buy, i'd sit back and watch a while for now. remember the NDX chart i posted yesterday? it shows the fibo retracement levels at which bounces are likely to occur. regards, hb

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