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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%4:00 PM EST
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To: dennis michael patterson who wrote (1782)12/14/1998 11:42:00 PM
From: TRINDY  Read Replies (2) of 99985
 
Thanks for keeping us abreast with Favors' analysis. Frankly, I don't understand the guy, however. Wasn't he the one who was telling us to look for lows much deeper than the 7400 we experienced last October?

Congrats to all who saw this weakness coming. My own indicators are how significantly negative even on the S&P 500, 100, and NAZ, the last signals to hold out any hope of stabilization and return to old highs. In particular my breadth indicators are now very week and evidence of a downtrend is in place. Usually it takes quite an upward tug of the market over a significant period of time to turn this around.

My prediction is that we will go lower, even though we are coming to a seasonably strong period of the year. The problem I have about these recent events is that they may be politically determined and if Clinton's fate, which now looks dire, turns around, the market will turn with it. Don't think that is likely to happen anytime soon. The fact that previously undecided moderate Republicans and some who were going to vote not to impeach are now in the undecided camp may have been a force that produced the significant moves we saw today. Sort of the opposite of Greenspam rate decreases. Whether you are for or against Clinton, this news is moving markets. It is likely to be a force for some time, IMHO.

Thanks.
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