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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: j.o. who wrote (18029)	6/21/1999 10:57:00 AM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

j.o., i am looking for a pullback in the nutz soon, to consolidate recent gains and build a base for the next attack on the 50-dma. the 'total collapse' scenario has lost quite a bit of it's probability due to the tame CPI. you are probably right in waiting for confirmation of the advance, as things could still turn sour on the Fed's rate move by the end of june. trust me though that a 25bp. hike will not stop this bubble from inflating further. my own approach was to go long on everything with good chart patterns and money flows on the first post-CPI pullback and remain hedged for potential downside induced by a rate hike. so i'm basically positioned for a rally, but cautiously so. i tend to go along with elliot-wave projections calling for a Dow 13,000 target; thereafter, a huge decline is probably in the cards. note that this is my current view, subject to change if circumstances do. regards, hb