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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: Jerry Olson who wrote (12838)	5/4/1999 4:08:00 PM
From: Les H	Read Replies (1) of 99985

I was referring primarily to the Dow and the S&P. I believe the S&P pulled back about 5% recently before making a second top. I didn't say there was going to be a bear market or whether I was expecting it. I said that I was looking for a correction. It doesn't matter to me whether the correction turns into a bear market. I've also left open the possibility of the market holding fort for a fourth stage run in June-July. The Nasdaq can pull back 16 percent even when the Dow and S&P correct less than 8% such as in October 1997.

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