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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 695.59

+0.4%

Jan 27 4:00 PM EST

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To: James Strauss who wrote (81353)	8/11/2001 3:09:48 PM
From: KymarFye	Read Replies (1) of 99985

Actually, to me your chart suggests that the QQQs (like the Nasdaq, NDX, and leading sector indices) are still short of being oversold, much less "very" so - your %R and Stochastics, ferinstance, haven't even penetrated the lower line. Of course, it's not at all impossible to get a bounce from "not very oversold" levels - usually a meek one unless prompted by some powerful exogenous event - just as it's not unusual for oscillators to get "pinned" at extreme levels in strongly trending markets. I think a plunge and a flush might do wonders for unclogging the drain here, but months of circling it have made me hesitant about expecting wonders of any type. We also still have some potentially interesting reports to get through next week: AMAT, DELL, HWP, BEAS, BRCD.

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