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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: The Perfect Hedge who wrote (11512)	4/19/1999 11:12:00 PM
From: bobby beara	Read Replies (2) of 99985

Beebs, the nets and the techs are way oversold, 9 day rsi in the 30's for lots of them and I am tempted to buy them here, but I would wait for some bottoming formations and retests first. techs and internets are way overbought by both institutions and individual investors and tech earnings are coming in a disappointments. IBM sitting on support and earnings soon. DOW way overbought and reversed on Swenlin's trendline. The trip above 2533 on the nasdaq was a bull trap, what Wyckoff calls a UTAD - upthrust after distribution and the fall thru the ice on 1.4 bill shares and the retest of 2533 shortly thereafter put in the top. all rallies should be used to get out and short, imo. >>>These are the new leaders imo..<<< Which way are the leading? SEEK came if with sucky earnings and so have others, we got major V point reversal tops in the nutz brokers, that overhead will take months to overcome (maybe years).

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