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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.58

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Nov 5 4:00 PM EST

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To: HairBall who wrote (1)	12/2/1998 8:45:00 PM
From: donald sew	Read Replies (3) of 99985

INDEX UPDATE ============================ Welcome all to this new thread. Earlier this morning I got a CLASS 2 BUY on the DOW, when the DOW was near the lows for the day, and we closed about 100 points higher. The NEW HIGHs actually improved a little and the BANKS and AIRLINEs were up. Even though the market closed negative, there were some positives in the market which gave hints that this short-term pullback may be over. If todays lows were the lows for this pullback, then the the DOW corrected about 4.5% off of the highs. I felt that this pullback was stronger and quicker than orignially expected; therefore I am leaning towards the possibility that we may be forming a STAIRSTEP again, with possibly a 200-300 oscillation range. If 8950 was the low of this STAIRSTEP, then lets say the upper limit of this STAIRSTEP should be in the 9150-9250 range. Seeya

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