MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.38

+0.1%

Nov 12 4:00 PM EST

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To: James Strauss who wrote (49781)	5/8/2000 1:51:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Jim, i don't like the look f the daily chart pattern of the NAZ. looks like a bear flag to me, and i'd expect at the very least a re-test of the low made in the initial downswing. whether that test is successful or not will decide which way we'll go in the medium term imo. i'm keeping an open mind however...who knows, the CSCO earnings may well ignite a rally, and if recent patterns following a Fed rate hike are any guide, the expected rate hike will also ignite a rally. because, once again, everybody's going to say it is the last. i'm not so sure about that...the Fed funds futures, which have a record of predicting Fed rate policy with 80% accuracy say the next hike will not be the last. regards, hb

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