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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.00

+0.2%

Nov 11 4:00 PM EST

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To: Compadre who wrote (15953)	6/4/1999 12:51:00 PM
From: StockOperator	Read Replies (2) of 99985

Jaime, I would suspect that the markets will continue to back and fill up until the FOMC meeting. With so many stocks sitting at critical long term support I would suspect that the Fed's decision on rates will be the catalyst for either a breakdown or support holding these key levels. However, the trend that is currently established is pointing down so it's going to take a neutral stance from the Fed to see a significant reversal. I will say that if these support areas do not hold we could see a significant breakdown in prices especially for many of the majors in the nutz sector. Some of the smaller stocks in this group have already been creamed pretty good, i.e., CYSP - the high was $30 - current price in 6.9 - the low from Oct 98 is 2.75 and the overall trend is still down, so CYSP my indeed see 2.75 again! Of course if it gets that low I will get extremely excited once a firm bottom is established. Regards, SO

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