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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

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Dec 26 4:00 PM EST

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To: Monty Lenard who wrote (43519)	3/18/2000 10:06:00 AM
From: Zeev Hed	Read Replies (2) of 99985

Monty, the one thing that worries me about this rally (except the 50% retracement) is that we never got an extreme in the tick (more than -1100) toward the end of the decline, nor did we get the +1000 tick I would have liked on the bounce (indicating a true change in sentiment). Nevertheless, last March we had the same "old economy" led bounce, without those prerequisites (except we did get a number of -1100 tick reading prior to the bounce) and it led to new highs both in the Dow and the NAZ, leaving the old economy stocks in the dust for the rest of the year. Right now, I am cautiously bullish, having gone above 10450 (which I believe was a watershed mark on the way down), and having the trannies finally showing some life. Of course, this can change on a dime. Zeev

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