MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: Jon K. who wrote (5786)	2/8/1999 11:36:00 PM
From: HairBall	Read Replies (1) of 99985

Jon K: I usually do not recommend stocks. AMAT has just about exhausted another run up. It has made two prior run ups since the beginning of 95. After each rally has exhausted, it has retraced back to the prior runs peak and then some. Then basing a week or three and starting a new rally. That would portend this run up to retrace back to the 54/50 area at least. In addition, I suspect AMAT may well work back and fill the gap open this morning in the 61 area. However, Level II was showing price support at the close today. Intraday price action is very fluid and AMAT could go higher before filling any gap or beginning the retrace. Be careful...timing is everything! (All Disclaimers Apply) BWDIK Regards, LG

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