MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: HairBall who wrote (11398)	4/19/1999 2:37:00 PM
From: j.o.	Read Replies (1) of 99985

LG - I think that you correct in supposing that this is a blow-off top. The extraordinary volatility of these markets suits it very well. Also, I find that these markets are trading very reliably in terms of intraday wave counts and support/resistance levels. Don's signals have caught the cycles well, I find. I tend to think that we are going to have one more push to the upside. I may be wrong, and the last push was this morning. That's why I am only playing the long for small change. I think that this market is setting up for a couple of days of "sell into strength". I am much less long right now than I was short a fair bit higher, and am much more happy with shorts right now. A saying from my bank-trading days..."when in doubt, stay out". You are wise to stay with your judgement until you feel more confident about the market. j.o.

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