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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 675.02

+0.9%

Nov 25 4:00 PM EST

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To: bobby beara who wrote (14692)	5/23/1999 3:07:00 PM
From: Lee Lichterman III	Read Replies (1) of 99985

>>Like last summer i believe we will sell-off in the face of oversold indicators<< It is very possible. In the comments on my site I asked how we could rally when all my charts look bearish. I had to swing many forks downward or flat this weekend to accomidate the recent action. Still there is a large number of wedges and forks so I think this tight range is about to cease in the near future (two weeks) and a strong move will happen. This market has gone out of it's way to ignore bad news so what could spark a sell off this soon since economic numbers aren't due out for another month? I don't know. I finally found a down fork on MSFT after a long search and GE is hurting also. Still, this market usually doesn't slide off in a whimper but likes to rally one last time to give the BTD crowd a last hope to get their money before collapsing. All year I have noticed a deja vue of last year's patterns only they are happening a month earlier. If this continues, I would expect a rally like last July in the near future then the big drop shortly there after. I haven't had time to look at my stuff as much as I need to to look for convergences of trendlines to find the time frame like last year. It was nice when all of us had intersections signaling the move weeks in advance. Hopefully this thread will signal the drop well in advance again. I know it is unscientific etc. But my gut still says we are going to test the 11K+ area one more time before the bull has the sword driven through it's heart. I nice double top would be pretty before the drop to the mid 10K then sequencially lower move. Good Luck, Lee

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