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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.04

-0.1%

Dec 9 4:00 PM EST

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To: brian z who wrote (5324)	2/3/1999 12:36:00 PM
From: StockOperator	Read Replies (1) of 99985

Bullish as ever. Barring any bad news from Greenie baby this afternoon this market is going higher. The charts are bullish. As a matter of fact the trends are indicating February could be another explosive month. There is, of course still work to be done with the averages. But even fundamentally many segments of the market are extremely undervalued. Anyone look at the pe's lately for the Airlines. UAL (7) DEL (8) AMR (9) times 1999 projected earnings. Here's a couple of tidbits from Barron's - "It's worth noting that the entire U.S. airline industry is valued at around $30 billion, less than the market value of Yahoo. And AOL is rapidly approaching the market value of the entire U.S. transportion industry - airlines, railroads and truckers. Or how about the Russell 2000 whose market value is roughly that of MSFT and GE combined. So theres a vast segment of the market that hasn't participated in this rally. Many stocks are trading at yearly lows. So ask yourself. If we do get a correction where will it come from. CSCO, DELL, MSFT, IBM, internets, GE, S&P 500. In light of their earnings (minus the nutz) and the technological changes that are happening in the world - How much of a correction do you see happening before the public and all the money sitting in money market accounts comes rushing back. IMO, a break in these companies would be temporary and result in another huge wave of buying. Fundamentalist I am not. But when I see the NAZ and S&P closing at their highs at the end of the month (bullish). Its the long term trend that I'm interested in. There is no doubt that things have been very volatile lately. The DOW has been trying to work through this consolidation period of the past couple of months and is very close to either breaking out or down. So as long as AG doesn't take away the punch bowl, I believe this rally is not over yet. We will find out soon enough. Good trading. SO

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