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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.21

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4:00 PM EST

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To: t2 who wrote (82496)	12/10/2001 2:05:47 PM
From: bobby beara	Read Replies (1) of 99985

Of course, I have my usual reasons--record short interest <<< Yes NV, but there was heavy short interest at the may high also. The naz broke the 200 dma with fanfare, the SnP and Dow stalled there and did not confirm, there was some large put buying on thursday and friday and the rydex fund switchers went heavily into the tempest bear fund, usually this doesn't happen around tops - that surprised me, i thought we might get some more momentum on the upside and we may still if the dow can tail into 10,000 level today and finish strong, i went flat to protect my profits from last weeks rally, until i see what happens. rather than a breakout, this leg up last week may be the extension of the trading range that started in mid november, on the SnP you can draw and broadening pattern, if that pattern does come into play the correction should go to the 1115-1127 area. one bothersome item on this rally is the fact that GE has had weak relative strength on the whole rally from sept and has not confirmed the new highs last week in the indexes.

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