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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.92

-0.7%

Dec 31 4:00 PM EST

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To: Tom Pulley who wrote (83853)	6/1/2003 9:37:23 PM
From: Hawkmoon	Read Replies (2) of 99985

Painful as it is, here is the monthly update of my timing model. My 75% short position has remained in place through May as I've watched the Nasdaq make higher highs. Yeah.. I can see how painful it may have been.. I suspected a rally was in the making. I'm not implying that we're seeing a reversal of the overall bearish trend in the markets, but merely that we appear due for a major rally in the Nasdaq (at least 500 points or so, IMO). Breaking 1500 resistance should permit a run to 1700 and possibly 2000 before it has to test that next major resistance point at that level. Message 18898401 I still think the long term trend for the rest of the year is likely to the upside, given the following chart: bigcharts.marketwatch.com But the weekly chart indicates you might have a chance to cover your shorts before you lose your shirt.. :0) bigcharts.marketwatch.com Hawk

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