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Strategies & Market Trends : Technical analysis for shorts & longs
SPY 691.72-0.1%Jan 16 4:00 PM EST
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To: Clint E. who wrote (20055)3/2/1999 9:55:00 AM
From: mattie  Read Replies (2) of 69835
 
Clint, hope you had a good trip.

I took lots of profits last week, and am now 50% cash - which is very defensive for me since I tend to be a lnog term investor. I sold most of my large cap tech names CSCO, MSFT, INTC, VRTS, 1/2 of my SEBL and others. I still hold some positions such as WIND, IFMX, NVH, NSCP and a core position in the cable stocks.

I think the market has to come down. I may be a fuddy-duddy but with bond yields at 5.7% stocks are overvalued. That simple. We may not come down much but new highs will be tough. That is my view now but can change any minute depending on the momentem and charts. For now on the SP500 we are making lower highs and lower lows. I would like to see a test of supports at 1200.
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