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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.48

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Nov 5 4:00 PM EST

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To: Les H who wrote (46481)	4/15/2000 1:04:00 PM
From: American Spirit	Read Replies (2) of 99985

I agree. Selling into short-covering and bargain-buying 5-15% rallies until the fearful are out of the market and sellers are exhausted. But there is plenty of buyers money sitting on the sidelines and plenty of shorts needing to cover soon. Remember too that there should be an equal amount of fear on the part of investors about dumping at the bottom. Nothing can make you kick yourself more than selling right before a recovery rally, even if we're now in a bearish overall market. Therefore I anticipate lots of upward spurts, failing at first, then finally breaking through as panic sellers are taken out. Many of them are already taken out, tons of them in fact on Friday alone. hard to say exactly when but we are near the end of the selling pressure. Then selling pressure will be replaced by bargain-hunting frenzy, at least to a degree though not as speculative as we've seen in the past by any means. Expect well-known companies to get the money, the beaten down kings and sure survivors, both in tech and traditional industries.

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