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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 680.44

+0.6%

Dec 19 4:00 PM EST

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To: pater tenebrarum who wrote (51272)	5/19/2000 4:33:00 PM
From: Michael Watkins	Read Replies (2) of 99985

Heinz - re extending the bear market, I think we may well see some deterioration in the balance not yet affected. While I'd prefer a surge to new highs and a failure to hold, the NYA is retracing after an apparent breakout from a decline that started in later April. If the NYA "old economy" generally speaking stocks were strong enough to fight the market tide, I would have expected the low of the tall white candle on 5/15 to hold. It did not today. Next of interest to me is the prior swing low at 624. That could easily be taken out in one bad down day and really would set things up for overall failure market wide. Recently we've seen NYA/old eco stock strength in the face of tech weakness, now that has changed. Monday could be very interesting. And, history suggests it will be a very big down day because its a holiday here in Canada and I will not be trading LOL! I'll post some charts if I have time before we head north for fun in the sun...

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