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

To: Lee Lichterman III who wrote (21170)	7/27/1999 3:22:00 AM
From: Berney	Respond to of 99985

Lee, Re: Few last Gasps Interesting sometimes how minds think alike. You will notice my similar post on the BK thread. Berney

To: Lee Lichterman III who wrote (21170)	7/27/1999 7:23:00 AM
From: donald sew	Respond to of 99985

Lee, As mentioned yesterday I believed that one of the reasons for the selloff was due to the foreign markets selling off significantly, and that most of them were CLASS 1 BUYs. Right now most of the foreign markets are up and some up big. Japan was flat and KOR up 6.4%. Right now the futures are up nicely so it does look like there will be some sort of a bounce. However the rebound is 1 day late which implies that the rebound should not be that strong. Assuming that the SPX stays above yesterdays lows, then the FIBINOCCI retracement would put the SPX in the range of 1374-1391(38%-62%). For the time being I feel that the SPX should at least rebound to the 38% level of 1374, which would be a weak rebound. Now if it cant get to 1374, THAT's NOT GOOD. Two factors which could effect this specific short-term bounce in either direction are GREENSPAN and the end of month ralley. Seeya GREENSPAN and

To: Lee Lichterman III who wrote (21170)	7/27/1999 8:00:00 AM
From: HairBall	Read Replies (1) \| Respond to of 99985

Lee: Thanks for the contributions in the middle of all the problems. The pullback started as expected last week, with the exception of the drop at the start of last week, which was quicker (sharper) than expected but the depth so far has been in line with expectations. I suspect the “big boyz” were doing a psychological move...<g> I am not sure about Don's signals...but I was looking for the Market to begin to find support Monday or Tuesday this week as the stronger support areas began to come into play as many chart indicators were signaling oversold as well. Some of these stronger support areas were penetrated but not broken. The “must hold” levels have not been reached yet, but if these present levels do not hold, this is more than a minor correction. Most will be calling today a technical bounce. Regards, LG