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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: Haim R. Branisteanu who wrote (75192)	4/17/2001 6:40:45 PM
From: Robert New	Read Replies (1) of 99985

The market has been in accumulation mode the past couple of weeks if you compare up versus down volume. I continue to believe that investors and the market will start looking past Q2 and focus on a Q3 to Q4 turnaround. The market will factor it in 4 to 6 months in advance. Also given the large numbers of shorts in the market, if firms do start coming out with increased visibility such as RFMD tonight and INTC seeing some stabilization in their business and an expectation of a 2nd half rebound then we could be at a trough right here. I continue to be underweight telecom and semi's and overweight software and storage. I have an average weighting in fiber optic companies. ONIS came out tonight with an excellent report guiding revenues and income higher not only for Q2 but for the balance of 2001. They are seeing very strong visibility. The differences between you and I are what makes up a market. So be it.

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