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

To: donald sew who wrote (39969)	2/12/2000 12:29:00 PM
From: SOROS	Respond to of 99985

Regarding Tech-Futuregrowth vs Tech-Blindness: thisislondon.co.uk

To: donald sew who wrote (39969)	2/12/2000 12:52:00 PM
From: Michael Watkins	Read Replies (2) \| Respond to of 99985

Donald -- I guess we will not know if its a major top as opposed to an important top -- for some time. The only way I can make sense of price is to look at trading channels in different time frames. There's a higher band of trading above the SPX (and a couple above the NYA) even on the daily time frame, so there's a ton of resistance overhead. Rallies from here are suspect then until they prove themselves, and whenever price moves below the upper trading band I assume by default that a top is in until things change. If they change... When I traded stocks I did so 95% on the short side... and I'm talking a lot of trades... and its the same methodology I used there. It works for me. So, on an intraday time frame, I call the SOX at a top now too. Lets see if it works lower or not now. If it does, I think the NDX will be very challenged, very quickly... Cheers Michael