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

To: sean sanders who wrote (29995)	10/15/1999 5:02:00 PM
From: pater tenebrarum	Respond to of 99985

Sean, i wouldn't be surprised to see a bounce on Monday...but of course anything's possible from here. the only reason i can find making a bounce a plausible possibility is that the 10,000 level on the Dow is a strong psychological support level. i still have to check what exactly happened today, but at first blush i'd say such a bounce should be sold. some pretty significant support levels were violated today...the SPX could conceivably try to run back to the neckline of it's h&s but should be repelled from there. i have sold some of my Nov. puts today on the general principle that a certain size of quickly made profit should be taken, but have held on to other puts due to my observation that there is still no fear...this downdraft won't be over until there is imo. regards, hb