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

To: Crimson Ghost who wrote (50121)	5/10/2000 12:27:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

George S. Cole: No offense intended, but actually I think expecting a significant decline today was no major leap. Once the support line of a bearish flag is breach, often the initial continuation is a strong move to the down side. Calling it right...goes to those of us that said to start getting defensive early March of this year...and to those of us that recognized the move up after the pivot on 4/17 was a rising consolidation and not a continuation of the bull. Of course until the lows of 4/17 are taken out it is not a point proven. Frankly, I suspect we will see a bounce before the 4/17 lows are taken out per my intraday technicals! If not, this could get ugly quick... However, I think a bounce is likely (may be in progress) and may well be tradable as it pops back up to test some of the support areas on the way down. I would not expect a breach of the support lines of the flags. Of course as always, time will tell... IE: NAZ (Semi-Log Charts) Regards, LG