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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: Monty Lenard who wrote (2846)	12/25/1998 6:35:00 PM
From: Zeev Hed	Read Replies (1) of 99985

Monty, however, another way to look at the lagging A/D line is that we have a long way to go before more than 60% of all the stocks are above their 200 SMA. When such numbers are reached (and if the new highs stop expanding and new low stop contracting, which I think we are already seeing), that is when the next top will be in. It is not there yet, and thus I am not ready to become a bear, I am just gun shy and going to see how the next retrenchment is handled. If it hold at 8650 on the DOW and if the SOX holds about 318, I'll stay generally mildly bullish (though, suffering greatly from vertigo), until interest rates or the monetary environment changes. Zeev

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