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

To: Les H who wrote (19496)	7/6/1999 4:11:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

Les Horowitz: Yes we came near several of those medium-term rising resistance lines and reversed to find support in the area on some of the Indices previous highs in April/May. I noted the expectation of this action in my BWDIK update last night. Regards, LG

To: Les H who wrote (19496)	7/6/1999 4:14:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

Les, i think we actually exceeded said trendline a bit during the day. it is natural for the market not to blow past it on the first try, plus the extremely low put/call ratios and the anecdotal evidence of a big increase in bullishness were all suggesting that some kind of pullback was due. furthermore i guess the market can ignore a renewed decline in bonds and higher oil prices only up to a point. maybe reality will reassert itself for a while(but don't bet on it-it's a mania after all). regards, hb