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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.66

+0.2%

Dec 5 4:00 PM EST

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To: bobby beara who wrote (78178)	6/7/2001 5:12:29 PM
From: t2	Read Replies (1) of 99985

We have lift off !! Too many had a very bearish outlook on this Nasdaq market on technicals and fundamentals lately. Patterns cannot repeat if the environment changes, imho. Short interest; mutual fund holdings and potential buying patterns etc....(again, imho) I am expecting following through on this Nasdaq rally tomorrow (especially with the INTC news)and into next week. Even the negative banking sector news did not hurt techs during the day...that would not have been unimaginable earlier this year...remember the Bank of America halt at the open in Feb/March timeframe. It sank the techs. More evidence that something is different at this time. To me it is just a matter of shaking out the non-daytrading shorts in this market. ie..the longer term short holders. Once that happens and mutual funds increase to market weighting in techs, we could move lower but from a higher base. I believe it will take a few weeks to accomplish this. That is my vision of the near term. Of course I could be wrong.

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