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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 695.17

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Jan 12 4:00 PM EST

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To: space cadet who wrote (17938)	10/12/1998 8:13:00 PM
From: Clint E.	Read Replies (1) of 69695

Hi Space Cadet. The macro picture didn't change today but one of our technical experts who is in habit of generating as much volatility and therefore trading volume that his influence warrants, had a change of heart. RA now agrees that in the face of all the bad news that hit us last Thurs., markets rallied quite impressively! ========================================= Last Thursday we lowered our expectations for the Dow and S&P 500 averages (see 'intermediate-term stock market' outlook' below). On that very day there were a confluence of many negatives—deteriorating breadth as the transports, techies and many large cap names were in free fall. However, at the end of Thursday's session it was very clear that the DJIA did not break below the critical 7400 level. Friday's upside reaction was indeed very impressive. Therefore, we believe that a good near term low is in place. We expect a vigorous upside follow through. We believe the market's near term outlook is positive and should be played on the long side. ========================================= Clint

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