MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: HairBall who wrote ()	4/17/2000 10:10:00 AM
From: David Lee Smith	Read Replies (2) of 99985

I have correctly called this correction since the end of last year. See my profile for my MomentuMonkey link. I do not see this downtrend ending soon. Too much damage has been done. Now that that foreign investors are getting out and the US dollar had come under pressure, there are not enough buyers to hold the market up. Also, the same market controls that our regulators have instituted to prevent wild market swings that exaggerated the market move on the upside will most certainly cause the market to be over-sold on the downside. I expect the NASDAQ to bottom around 2500 and the S&P to fall to around 1250 by the end of May. Both long-term interest rates, trends, momentum and now the US dollar are firmly against the poor investor. I recommend that investors stay 95% cash.

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