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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: Compadre who wrote (12168)	4/28/1999 9:21:00 AM
From: StockOperator	Read Replies (1) of 99985

Jaime, Things do look a little tired. The futures this morning are pointing towards lower prices. As I said in a previous post many of the avgs. were sitting right at critical resistance. If this immediate trend had any legs it should have decisively broke through those areas. Which it did not. Only the DOW was able to do so. The fact that the RUT only had to rise .33 of a point to break that level and COULD NOT tells me that it had no legs. The same thing applies for the S&P which failed to break it's high by only one point. So I do believe now is the time to be defensive. It will be important to watch some of the charts of companies that have not performed well just recently. Some of the second tier internet companies like ONSL and even the big guys like DELL and INTC to see just how much damage will be done. Good luck trading. SO

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