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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Ramsey Su who wrote (7634)	3/5/1999 8:37:00 PM
From: Haim R. Branisteanu	Read Replies (1) of 99985

To tell you the truth I really do not know. The report was average. I only thing that most of the shorts were wiped out. Many stocks after gap opening stayed in a very narrow range and closed below the highs. The gaps are still there and I speculate they will close them by next week. To me the whole thing smells deja vu June/July 1998. Oil is up 20% from their lows, interest rates moved from 4.75% to 5.6% or 17% to 18% and earnings were flat or down. What many are ignoring this time is the fact that cyclicals and oils powered this market during the last 2 days which in general are always an end of the bull event. Will see. The FED will drain liquidity very soon IMHO. This market is moved by sheer madness and it is very dangerous at those levels BWDIK Haim

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