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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.40

-1.1%

Dec 17 4:00 PM EST

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To: SBerglowe who wrote (45997)	4/13/2000 2:17:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Susan, thanks...this would more or less jibe with the Bensimon count. with p/c ratios up today, we could get several days of put buying in here perhaps, that would clear the way for an intermediate term low. note however that Prechter counts the Dow as in wave 3 down. he predicted correctly the top of the wave 2 rally, both time-wise and point wise. so this count has the benefit of the doubt as long as the Dow continues down. IF the Dow is in a wave 3 down, the Nasdaq will find it difficult to find a bottom. i'm also very concerned about the continuing spate of lock-ups ending, IPOs and secondaries and insider selling. where's the moolah going to come from to push us higher? regards, hb

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