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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.52

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4:00 PM EST

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To: Vitalsigns who wrote (69257)	2/15/2001 7:01:37 PM
From: KymarFye	Read Replies (1) of 99985

You left out options expiration - plus the fact that the sell-off on this (if you will allow me to be judgmental) rather overdone rally had already begun in earnest by the time Wall Street had finished wiping the ketchup from its collective tie. Guess they had to flush out the puts, trap the calls, and abuse the believers while they still could. Don't want to start a dogpile on Cramer - as I think he really is more often more right than more wrong - but it's kind of funny that when he was asked to opine on Nortel this morning on CNBC, looks like he blew it. Though he's been luminously bearish on techs - everything remotely telco-dependent, fibrous, or dot-comical - his Crameresque snap certitude was "It's a buy, yeah, it's bottomed." Guess we'll see. Silly mistake if it really is cut in half again - though, wherever it does land, it probably IS a buy - at least for an hour or two anyway. It was also partly Cramer's fault that I forgot to turn CNBC off until well into the session. Finally hit the switch just as Michele C-C was talking about how happy everyone was with all the terrific buying - that was the get-ready signal.

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