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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

4:00 PM EST

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To: Haim R. Branisteanu who wrote (1150)	12/10/1998 1:10:00 PM
From: Monty Lenard	Read Replies (1) of 99985

Haim, I respectfully disagree that TA failed on ERICY. Mine said sell ERICY 12/2/98. Now it is a very quick indicator but there was another warning yesterday with the shooting star candle that was a retest of the falling window that occurred on 7/27. It tried to penetrate that window on 11/27 and 12/7 but failed both times. Anyone should have sold when those 2 retests failed and waited to see if it had strength enough to penetrate that window before reentering.. Also, notice the volume on the way down off the 11/27 test vs the gapping up on low volume subsequent to that. Also draw Fib lines off 3/4/98 low to 7/20/98 high and look at where ERICY will hit resistance. Same place it failed on 3 attempts in 2 weeks! How is that for Monday morning quarterbacking? <g> Best to you Monty

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