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

To: Lee Lichterman III who wrote (21244)	7/28/1999 7:06:00 AM
From: dennis michael patterson	Respond to of 99985

Lee, I thought EMC was especially poor today. I am long a little, and want a few points. I'll get them.

To: Lee Lichterman III who wrote (21244)	7/28/1999 7:28:00 AM
From: donald sew	Respond to of 99985

Lee, I just want to clarify my position, which is that for the long term I am bearish, but for the immediate short-term(1-5) days I am still looking for a bit more upside to the rally that started yesterday. I am fully aware that GREENSPAN talks today and important economic reports coming out tomorrow. As I have always stated NEWs can over-ride the technicals, so if the news is bad then we may not see more upside. The response to my CLASS 1 BUY signals were late which implies a weak rally. On the other hand we also have the 3-DAY pattern coming up with possibly 1 more significant up day on THUR, if today(DAY 2) is flat(slightly up or down within 50 DOW points). One of the main reasons why I feel there is a bit more upside is that per my short-term technicals, the market has not started a big decline when the technicals are so low. I check 4 years of data and not once in that time frame did the market start selling off hard when my short-term technicals were in the lower mid-range. All of the strong sell-offs started when my short-term technicals were in the upper-midrange/overbought range. From my calculation, one more strong upday would put my short-term technicals in the upper-midrange. As for price targets, I am still expecting FIBINOCCI rebounds (38%-62%) of the recent selloff. Here are the FIB rebound levels: SPX = 1374-1391 OEX = 709-719 NAZ = 2747-2796 For now I am not expecting the rebound to get above the FIB 62% level, and more inclined that it will be closer to the 38% level. I am still in my short-term long positions which were early by one day, but will be nimble to close them quickly. seeya seeya