MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.17

+0.2%

Dec 11 4:00 PM EST

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To: t2 who wrote (79289)	6/27/2001 3:43:20 PM
From: t2	Read Replies (1) of 99985

The down trade is not playing out the way it would have in weeks past. Could be the sign to the short sellers to cover and go long into the earnings season and short again at the tail end of the the July earnings. The reason the market is not selling off now is compounded by this: There are just too many buyers out there to allow the Naz to drop. Lots of people with big profits in defensive and energy sectors wanting out and buying the early cycle group..ie technology. Basically the strong argument Tom Kurlak made in that article I posted a few days ago. (was very convincing to me) Should have my kept my oil/gas shorts on for a while longer but needed to get the cash to buy my speculative technology longs..so far so good. IMHO, the the earnings run up to mid July is now in play. At least that is my reasoning.

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