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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	3/3/2001 5:00:10 PM
From: jmootx	Read Replies (2) of 99985

technically we are as oversold now as over bought at the peak last March. Basing only on standard deviations of the NASDAQ from its 200ma. The ma is nearly in the same place now as then, after putting in a curl and now declining. The index was 35% above the average at its peak, and is now only 36% of the average. To bet that any more bad news will send this lower in the short term is a bad bet IMO. Did anyone notice how the IBM rumor really pumped the market??? A little no nothing rumor--when huge real news like AMCC and ORCL is around. It won't take much to turn this story around--Dick McCabe saw what I saw on the stochastic oversold and he is pushing for a March-April rally to about 3000---so if Merryl Lynch is ready to trade long---they will drum up something better than the IBM rumor or wayne Angel to get there....Just the way it is. Go short late April.

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