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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.69

+0.2%

Dec 5 4:00 PM EST

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To: JRI who wrote (68367)	2/2/2001 4:08:48 PM
From: Kemo Sabe	Read Replies (1) of 99985

JRI: The convergence of support right here shouldn't be overlooked. CSCO is a big one, but its only one. Why people are irrationally bullish 1 day & irrationally bearish the next (not speaking of you) sometimes befuddles me. I said several times over the past couple of days to expect a pullback to ~61 on the QQQ. The NDX is doing exactly what it needs to do...working off the O/B condition it got into. Once this is done, the direction should be up again with more rate cuts coming soon. Really tough resistance for the COMPX is @ ~3500. Until we get there, with the FED supporting the markets, there will be bumps in the road - but that's all. One more thing, there is a beautiful bullish flag on the daily chart which also shouldn't be ignored given the strength over the past 4-5 weeks in the NDX. Have a great weekend! Kemo Sabe

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