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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: Jill who wrote (46484)	4/15/2000 2:20:00 PM
From: Michael Watkins	Read Replies (2) of 99985

Jill, The data, I believe, for the QQQ on SI's charts in in error. If that chart is right, I support your conclusion, but my data (a couple of different sources) shows the low of 04/04 as 88.3125. The hammer (on 4/4 on the QQQ/NDX/COMPX) was taken out and so convincingly that the normal course of action for professionals will be to sell rallies. Anything could happen, but that's what I see coming down the pike. The big question is do we get a short term rally now or not? intelligentspeculator.com A hammer such as 4/4, made on high volume, should hold. That it didn't is very telling for the tech part of the market in my opinion, and frankly the old economy side isn't looking any better, just different. I think the odds are currently higher in favor of more downside.

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