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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 672.07

-1.7%

4:00 PM EST

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To: HairBall who wrote (6495)	2/17/1999 9:52:00 AM
From: James F. Hopkins	Read Replies (1) of 99985

LG; Trader be looking at the FED by 10:30 EST, they expect CreemSpam to add reserves, if he drains ( which I doubt ) but if he does grabbing a bounce will be like picking up a hot frying pan with your bare hands. ------------------- I don't like trying for bounces in a general down draft , even if it's not been a strong one this clicking down has been in place long enough to be called at least a short term trend. The News pundits with their damage control has highlighted the little rallies as if they are new highs. They called yesterday profit taking; "WRONG" the profit taking happened over a week ago. This was cut the losses of the more recent smos who have jumped in since the 1st. The Fed action in the last two weeks has lead the market more than any other one thing. They did add yesterday so that may help slow, or even check the fall but without their help the market is sick. Jim

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