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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

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Nov 10 4:00 PM EST

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To: sandeep who wrote (44030)	3/24/2000 5:12:00 PM
From: bobby beara	Read Replies (2) of 99985

sandeep, i took profits on half of my longs today, looks like maybe i should have done another Friday thermo job - ho ho. The NDX did a spinning top tail off the trendline from 1/3 top and the 3/10 doji reversal, the nasdaq found resistance at the doji. The NYSE did the same off the July 99 topping area. The breadth weakened today, and although we have had a volume initiation on this leg up, we need the McCllelan oscillator to get near the 250 area to create a breath initiation, it reversed off the 150 area, which has been resistance on every leg up off the october 99 lows. I hope we don't get any bad news like after the 3/10 doji. OK, now for the boom, doom and gloom option -g- The Dow may have put in a right shoulder today, opposite the middle peak (july) of the three peaks. I noticed this week Joe Granville was talking capitulatory, also Glenn Nealy from Neowave has been bearish for a long time threw in the towel. b

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