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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: pater tenebrarum who wrote (46363)	4/14/2000 10:12:00 PM
From: bobby beara	Read Replies (1) of 99985

Heinz, as i posted a couple of days ago on the gpm thread, from my GST newsletter, the xau up/down volume had reached an oversold level seen in only about 1.5% of the trading days of the last 20 years, pretty much sold out, everybody threw in the towel. The insiders (central banks) announced they were stopping their selling last fall, and now we now have an oversold level commensurate with the 1998 level on up/down volume, and close but not below the price low. Prechter has got many things wrong, and i don't believe he understands the inverse relationship between the dow and gold. While there is a boatload of bearish sentiment around, i will have to go back to the charts. 207.61.23.98 the oex tested the trendline from the october 98/99 lows today, dipped below and closed on it, but you don't want a test of a trendline on a big black gapping candle, you want some zig/zaggy soft touch like the october 99 test. i believe we will break that trendline in the near future. b

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