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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.43

+0.2%

Dec 2 4:00 PM EST

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To: donald sew who wrote (5535)	2/5/1999 7:00:00 PM
From: bobby beara	Read Replies (2) of 99985

Donald, I hope you don't have a lot of muny on it. look at the RSI chart for the daq, from the 1/13 low it made a 2.5 week horizontal coil (symetrical triangle) Lower Highs on the RSI and Higher highs on ALL OF THE INDEXES. Just one more bearish divergence. The tension built up in that 2.5 week coil will not be relieved by a 3 day sell-off. I think we should get down in the 30 area of the 14 day rsi before a bottom. I'm looking for a completed five wave pattern down in the nasdaq before we hit bottom and probably some kind of capitulation selling bottom with 75-90% negative breadth. I could be wrong, but Gort has been advising me closely on the danger that the human race has gotten itself into -ggg- bb

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