MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: American Spirit who wrote (46589)	4/16/2000 3:08:00 AM
From: Square_Dealings	Read Replies (1) of 99985

<<Of course the market's changing. It just did. We just crashed.>> Keep in mind that looking from the top down, yes many stocks have fallen significantly and look "cheap". But its also usefull to look from the bottom up and see for example CIEN, one of your picks, has come from $8.12 in about 18 months. You may well have a good chance at a bounce here early next week but at this point its a guessing game imo. The Naz did hold what looks like a 50% fibonacci retracement from the Oct98 low to the bubble top on Friday. (I calculated 3244 as 50% retrace and friday's low was 3265) But to me a more logical place to get a strong bounce would be from 2800-2900 level on the NAZ (which is around the 62% fib retrace and would be a better test) I would not recommend jumping in to heavy here though because from a technical point of view it is impossible to call the crash "over" until more time passes. Good luck with your trades but be carefull trying to outguess the market here. The most experienced traders I know are still out and watching. Most of them have learned as I have that its more important to stay in the game than to be the one that catches the bottom. M.

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