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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: StockOperator who wrote (13001)	5/6/1999 12:32:00 AM
From: Stephen	Read Replies (1) of 99985

Intradays were weak till the bond market closed. The recent institutional buying of the pharms finally caused a price upturn. The internuts are still being sold by the big players ....as are the techs. Looks like a trading rally to me that will live or die with the interest rate move. The question is ... will the equities lead the long bond, or will the long bond lead the equities. Given that May is traditionally a weak month for equities/ lack of news .... the odds still favour the latter. Lets face it, Don called for a Nasdaq rally ... and this one was on time/early ... so it should be quite strong. One question Don, if the Nasdaq closes down tomorrow, how big a negative is that ???. Should be interesting ...... I have noticed the analysts coming out with internut re-its these last couple of days ... inconcieveable this time last year !!. Stephen

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