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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 674.96

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Nov 25 4:00 PM EST

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To: StockOperator who wrote (5467)	2/4/1999 11:39:00 PM
From: brian z	Read Replies (2) of 99985

The market internals today were terrible. Advances were overwhelmed by declines 2674 to 4370. The Nasdaq was hit with the third worst point loss ever at -83 or -3.3%. The tech leaders were killed with DELL -5.50, SUNW -7.13, MSFT -7.75, and INTC -8.56. But I still see this as just a serious profit taking. The Nasdaq is up huge numbers since the October lows. The constant record setting pace has greatly extended these stocks and we could easily see another -10%(I don't think we will) drop and most of these stocks would still have positive gains. With 14 record closes in the last 20 days of trading it would be irrational exuberance to not expect some profit taking at some point. The good news is that the Dow held ground in the face of the monster tech sell off. If the jobs report tomorrow is ok to the street, then we could see a bounce there.

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