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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 668.73

+1.5%

Nov 24 4:00 PM EST

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To: Haim R. Branisteanu who wrote (886)	12/8/1998 1:47:00 PM
From: HairBall	Read Replies (1) of 99985

Haim: The SPX at a new high. any comments?? Well, my indicators have supported this rally, completely. I have struggled with it for many of the same reasons you have. My technicals just point in the direction of the trend and do not forecast magnitude of moves. I wish they did, I just don't know how to do that very accurately, so I usually do not try. I use charting formations to give me some parameters when the formations are what I deem reliable/probable. I had been “expecting” (gut feel) a substantial downturn much earlier. However, I have been posting the continued bullish chart formations until my stuff hinted that a short-term top would be put in on 11/24 or 11/25 or possible a day early. The DJI did top on 11/23 and turn down. In addition, I am now expecting (gut feel) the SPX to possible make a new high and top below 1200. Note, the NYA and DJI have yet to confirm a break out to resume the Bull, so far! But quite frankly I am close to capitulation....maybe that is a bearish sign in itself...<g> BWDIK Regards, LG

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