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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.03

-0.1%

Dec 9 4:00 PM EST

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To: donald sew who wrote (5320)	2/3/1999 11:13:00 AM
From: brian z	Read Replies (1) of 99985

The most promising thing for yesterday was the three solid bounces off the 9200 mark. At 12:20 and 1:20 the Dow touched 9200 but on the last try at 3:00 it was not able to make it quite that low. From a low of -147 at midday to rebound at the close to only -71 means a 50% recovery. The buy the dip play was called at the open and executed flawlessly every time we got close to the 9200 support. If this 9200 mark is the strong support or not will depend on the next few sessions. If the market feels it is enough to satisfy the profit takers then it will be up, up and away. No one expect any interest rate changes but traders have learned to be careful when the FOMC is in session. People are afraid that the Fed could be changing it's bias toward rates to a tightening stance instead of a lowering bias.

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