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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

-0.9%

Nov 17 4:00 PM EST

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To: bobby beara who wrote (75235)	4/17/2001 10:16:24 PM
From: t2	Read Replies (1) of 99985

this is a momentum market, and i believe there are as many shorts trapped at 1600, as there were longs trapped at 5000, has nothing to do with fundamentals. I agree with you. Until we see the market stabilize at some point, this is just pure momentum. The investor mentality that stocks are at low prices is still in effect. Many traders were shorting in the mid 1900s as that was the technical resistance points according to many. That is why I feel 2000 is going to be very easy to cross. Intel news was supposed to be worse; the market was bracing for that. I felt that right after the reaction to Cisco's earnings today, the Intel earnings were going to be a non-event as far as downside worries for the Nasdaq. The fact that some will even consider it positive is a big bonus....... I feel even with a gloomier report, the market was going to head into IBM's earnings on a positive note tomorrow. best of luck.

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