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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.83

+0.3%

Dec 3 4:00 PM EST

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To: Monty Lenard who wrote (14137)	5/17/1999 2:18:00 AM
From: James F. Hopkins	Read Replies (1) of 99985

Hi Monty; & All, I just took a peak, and so far it don't look like a bounce this morning. Futures are $2 below the cash, and $4 into sell program mode. Also Asia is being hit hard.. With the damage Friday , it looks like the crossed sword of April 14th is going to prove it should never have been ignored. ---------------------- Looking at the Daily Moving Averages it's now clear to me that this market has been in distribution for several weeks. IT seems odd that fund inflows have been up while their Navs have eased down, and I can't prove it but attribute that to mostly foreigners selling off the blue chips. The Dollar they get for them is worth more in their currency by about 5% since the first of the year. Had you bought T with Yen back then, it would be worth 5% more to you now than to those who bought it with dollars. Jim

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