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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

4:00 PM EST

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To: S. Chiang who wrote (5512)	2/5/1999 1:59:00 PM
From: John Pitera	Read Replies (1) of 99985

SC,<<<<<We may see a short-covering rally this afternoon - another form of profit taking. Shorts will want to close position before weekend after a two-day tech sell-off. >>> Good Point. Nas has recovered nicely after making the new low at -63 ish....it did diverge then ...the SPX was showing more of a intra day bottoming divergence.. The last 2 hours will be interesting. John

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