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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

0.0%

Dec 26 4:00 PM EST

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To: bobby beara who wrote (83352)	7/31/2002 12:32:40 AM
From: KymarFye	Read Replies (1) of 99985

Now that we've gotten to screaming short-term overbought from screaming short- and medium-term oversold, odds clearly favor pullback, consolidation, grind and groan, like today's session, with possible news-driven sharp moves - bears wet-dream about CSCO, hope for some new 8/14 certification-related obscenity. "Once in a lifetime" value arguments look a lot less persuasive now than they might have 10, 20, or 50% ago. Also, stocks are still getting absolutely CREAMED on earnings misses and the like... If there's no catalyst to take stocks up much further, there still seem to be a lot of reasons to hold them back (or take profits), reasons that may become increasingly easy to recall as the snapback (snapfack?) euphoria dissipates and 9-11-02 nears... What's your thinking?

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