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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 684.84

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4:00 PM EST

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To: Clint E. who wrote (19711)	2/5/1999 4:55:00 PM
From: Tiley	Read Replies (1) of 69173

Hi Clint, It appears that the semis have peaked for now. SOX faltered around the previous cyclical high. INTC has given ground and it does not look like its going to break 142 for some time (probably not in Feb.). Most semi stocks appear to have peaked. The semi-equips still seem strong and the fundamental picture is improving but I see some troubling signs on the indicators I watch. Who knows - when the business was miserable and the forward guidance was bad, these stocks took off - some of them hitting all time highs, this time perhaps with encouraging forward guidance, they might pull back. The market appears to be jittery and fairly responsive to rumors on the downside. The internet stocks, on the other hand, seem to present a pretty good picture. Next week will probably bring us a good bounce. I'll take this time to get out of any short term positions till the market direction is clearer - just in a profit preservation mode, Later, - MJ

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