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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: HairBall who wrote (50129)	5/10/2000 1:36:00 PM
From: the Chief	Read Replies (1) of 99985

Hi LG...great thread. 3360 is a guess. I base it on the 'bungie cord theory" which of course if I told you how it worked I'd have to kill ya!<ggg> Mommnentum is what I deal with on a regular basis, it is my livelihood. I approximate the speed of the downdraft and some key resistnace levels and then apply the bungie cord principle. 3400 is a key "physcological level for Nas, as much as 3600 is. Because I "believe" the conspiracy theory" of brokerages/funds, I believe that this latest retrace cannot afford to touch numbers that technically could touch off signals and discussions of a possible breach of resistance and "pending crash" 3360 is just above the numbers you have "so eloquently stated"<ggg> which was the reason for the pick. It comes close to but does not violate, and therefore the bear tacticians are left wondering if they have a broach or not, the ensuing turn will be enjoyed by all.....As we speak I am buying in. Investor capitulation....bah humbug.... Signed the man with no brain!!!!

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