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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.56-1.5%4:00 PM EST
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To: American Spirit who wrote (77001)5/14/2001 1:46:46 PM
From: t2  Read Replies (3) of 99985
 
A.S., I am very optimistic on the short term prospects for the Nasdaq. 2PM is the turnaround point today and right into Wednesday close or early Thursday. The market should be strong for few days. Tomorrow should be very strong, especially in the afternoon...because of the following:

My logic is basically what i laid out last week..that is, instead of a usual short covering into the FED meeting, we are getting totally the opposite helped by weak technicals.
The buyers are all looking for better prices..and I am referring to real buyers such as big mutuals. They are waiting for the selloff upon the FED rate cut. Meanwhile, we have shorts that are not nervous (imho) and looking to capitalize on the "sell on the news" story that is EXPECTED.
Did you hear Pissani this morning say something about traders expecting a selloff after the FED cut?
Too many funds and traders are all thinking the same scenerio is about to unfold...ie selloff.

IMHO, it ain't going to happen!
Of course I could be wrong since i don't possess any psychic powers.<g>
Just my assessment of the market.

RE: PC sector
PC sector looks washed out, especially HWP. I don't know if it bounces...but in general techs should rally short term.

BTW--have a nice time in France. France is one country that I have not visited but am looking forward to at some point.
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