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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: bobby beara who wrote (76732)	5/9/2001 11:18:32 PM
From: Zeev Hed	Read Replies (2) of 99985

Bobby, the main trend is still down, so this triangle has a high probability of being resolved by a breach down, in my opinion. A lot of distribution going on, but more than that, some of the recent breakouts are being negated (take AMD, the breach of $29.5 turned it bearish, NVLS the same with the $49.5 area, and AMAT is not far behind. INTC is also on the verge of breaking back down (needs to fill a gap under $27 <g>). )Of course, the excess bullishness indicated by the equities P/C ratio as well as various advisories bullish stand is working in favor of the dark side. Right now, it looks as if the whole period since April 18th is nothing but a a very broad and massive distribution pattern. There will be a time to come back to the side of the "Force", but it is not right now, IMTO. Zeev

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