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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 691.72

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Jan 16 4:00 PM EST

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To: Mike M who wrote (64476)	12/17/2000 2:41:04 PM
From: Crimson Ghost	Read Replies (1) of 99985

The latest AAII survey of individual investors showed 60% bulls and just 33% bears. The latest Investors intelligence survey of investment advisors showed 55% bulls and 33% bears. These kinds of readings are generally associated with market tops -- not bottoms. I blame this continued bullish sentiment on 3 factors. Deeply ingrained buy the dip mentality and faith in the "Greenspan put" The fact that the old economy stocks have held up fairly well so far. Continued bullish propoganda from CNBC and a truly huge Wall Street spin machine. I don't think CNBC was on the air during the 1975 and 1982 troughs and its audience was much lower in 1990 than currently.

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