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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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To: Crimson Ghost who wrote (74800)	4/12/2001 5:26:30 PM
From: Haim R. Branisteanu	Read Replies (2) of 99985

George there is no question that purely on a price basis the market is overdone on the down side, but what surprised me most was the total collapse in earnings and a slow recovery going forward in the Hi Tech sector. Many established companies report losses and in many cases profits were cut in half or more. Further LU, NT MOT and others do not see a quick turnaround in their business, if true the prices are to high, .... if those companies are just over conservative the prices are right. Based on the liquidity slashing around we were due for a pop. Unfortunate the "pop" is very sharp and selective in heavy shorted stocks, and we still have the herd and momentum mentality with sharp and dramatic price moves. (see my scans). JNPR today is a good example. Lyle Gramley former FED Governor (which I trust) just now said that there will be a very slow out drawn recovery nothing that will justify a 20% to 30% sprint in a week. BWDIK Haim

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