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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

Nov 20 4:00 PM EST

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To: KM who wrote (11651)	4/24/1999 10:52:00 PM
From: bobby beara	Read Replies (6) of 99985

There has been some conjecture among some analysts if last fall was the four year cycle bottom, however, now considering the incredible gains in asia and latin america and russia off that bottom, we must admit it was and no matter how overvalued on a historical basis us equities are, they must continue to lead on a worldwide basis until proven otherwise. The March corrections of the 3rd and 23rd, so far have proven to be important bottoms in lagging sectors (cyclicals) while many sentiment indicators have been far too bullish over the last several months, as heinz has indicated oex put buying has been at an extremely high level decisionpoint.com which has too be considered as a contrary indicator. the recent mega correction of the internet sector could have just been the wave 2 correction off the 10/8 bottom as I have a five wave up into the 4/14 top, which means the internet sector has much farther to go and will continue to confound all. The new highs in IBM and AMZN should be a warning shot to bearish bets, in the tech sector. bwdik, bb

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