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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: eichler who wrote (76374)	5/2/2001 3:03:37 PM
From: t2	Read Replies (1) of 99985

eichler, I have not seen this type of market for a long time. There is just many buyers. This mornings pullback was just too significant as a show of market strength or upward momentum. One would think that sooner or later, the big hedge funds that are still short the market may give it up and come back later--or better yet, cover and go long. The retail traders hopefully have put stops in for their sake. Many see resistance at 2300. For the technicians it is strong resistance will say that the market has be come down from that point. That is the skepticism that will help to continue helping the the bullish case. Still think the movement of the internet stocks has to continue upward to signal that investors are willing to take risks. Once the internets start dropping, it may be time to rethink the bullish case. To me the internet sector is the biggest key although I don't like to invest in the group directly, prefer the midcap to large cap techs. Like I stated earlier, if investors are willing to buy dot.coms, they must be very bullish on real technology companies.

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