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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: Michael Watkins who wrote (39432)	2/8/2000 7:32:00 PM
From: bobby beara	Read Replies (1) of 99985

Michael, we could be in another powerful upleg in the nasdaq, that is why i have been cautioning people who are trying to short this market here. Daniel Zanger - mo trader, from chartpattern.com comes on the local biz channel and does a 1/2 hour commercial for his site about once a month was looking for a major top coming in late december/january time frame. Today he was on and was saying he went into cash and was short on the last downleg, then got his head handed to him and reversed and went long and made all his losses back since. I think this is an example of the sentiment that hit this market at the recent bottom - most traders were out/or short, also i believe the overbullishness was worked off from the 1/3 top, and a cash build-up by money managers is now being piled into momentum stocks. this is why i believe it is too soon to think about a nasdaq top until this thing exhausts itself, the trend is up for now. b

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