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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: HairBall who started this subject	9/28/2000 9:44:07 PM
From: Temple Williams	Read Replies (2) of 99985

*Can an Apple a day keep the Bull at bay?* Probably not. I still think my Preferred Series found a short-term bottom Wednesday. I do not believe that one rotten Apple can spoil this short-term bull run (referring to Apple slicing its earnings estimates after the bell on Thursday). But the bottom at 1438.00 may be tested, not Friday, but next Tuesday (it will probably not be reached, much less broken). The powerful rise on Thursday was almost too much, too fast. Still, I believe it did form a short-term base that will hold off the bears for two weeks (and then get clawed again ... perhaps seriously). A CIT on Thursday moved the trend from bearish to bullish. The Apple news of lower earnings expectations should create a gap lower opening, and perhaps uncertainty for much of the day. Monday should fake a recovery. Tuesday tests the bottom. And then we start towards the midway point of a large, volatile rising horizontal triangle, which ultimately fails on the trip higher, sending prices down again sharply in a few weeks. Here's my start chart Friday. fwiw. sellnow.net

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