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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 675.37

-1.2%

Nov 4 4:00 PM EST

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To: American Spirit who wrote (76869)	5/11/2001 4:31:20 PM
From: t2	Read Replies (1) of 99985

So far everything seems to be on track on the Nasdaq. We drifted lower today as I was expecting. At this point, I am expecting some weakness Monday as well....followed by a kaboom!! A big move up Tuesday to Friday. All this goes contrary to the buy the rumor, sell the news...approach that traders normally take. This one should be an exception as it will be a sell the rumor (like we saw today) and buy the news..after and on the day of the FED cut. The FED cut will surprise some traders (50bps). Like I stated earlier, it is my belief that too many traders are expecting a sell off after the rate cut and positioned themselves for that during these light volume days (supported by strong technicals that point lower). They will be covering at higher levels, if they wait until Tuesday or later, IMHO. A weak market today and Monday supports my thesis. That is why I am actually hoping for a bit of a pullback Monday.

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