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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.10

0.0%

Jan 23 4:00 PM EST

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To: Stcgg who wrote (67074)	1/18/2001 8:42:37 PM
From: Mike M	Read Replies (2) of 99985

I have to side with Gary on this one. I think the third wave is finished. Perhaps we avoided some capitulation by virtue of a dramatic FED move and perhaps we have a fifth wave to look forward to...Who knows! But, we are not just a few days away from that... By next week I expect 3000 to have been approached at some point in the day...From that we should have a correction and then another run up to who knows where... Perhaps in late March or April we will see if there is a fifth wave left in the bear or if he is through. I'm not ready to argue with Temple, yet, whether this is some 5 or 6 year protracted bear market. I sure hope not. What I do believe is that value will win out over growth for some time to come. By the way, there was plenty of capitulation in some stocks during the March to December slide. I still believe that the GEs and PFEs of the world will have to find more realistic PE valuations. What I don't know yet is whether that happens over years of stagnant trading, months of sliding or a few weeks of sheer capitulation. Vamos a ver!

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