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

To: Zeev Hed who wrote (60668)	10/15/2000 2:59:04 PM
From: James Strauss	Read Replies (1) \| Respond to of 99985

Zeev: I've been watching NDX 3240 and 3460... bigcharts.com 3240 was surpassed on Friday... We may see some nervous profit taking early next week... But, if 3240 holds, and 3460 is successfully tested, there is not too much resistance to the 3850 and 4100 areas... There was a convergence of trendlines in the 3000 area that suggested it would be the bottom... There was a momentary dip below it as sideline money started pouring back in... The NDX was up over 9% on Friday on big volume... The Put/Call ratio was very lopsided... The amount of disbelief that this is a bottom brings to mind other periods like 1982 when the market marched right over all that disbelief... Things happen a lot faster these days... So, it wouldn't surprise me if we turn around right here... Jim