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

To: Robert New who wrote (76083)	4/27/2001 5:10:19 PM
From: t2	Respond to of 99985

We ended up getting this week what I was hoping for....some light volume selloff/sideways action. I think we are poised for a solid move up next week and love the bases some of these charts are building. AXP, INTC, EMC, et. al. After consolidating the recent gains I think next week will be telling. Looking for a move to 2250-2500 in fairly short order. Nice to see us close on the highs... Agree. I also think the Microsoft selloff played into the bullish scenario. As soon as that rumor was put to rest, Microsoft started coming back, pulling the Nasdaq back. I like the fact that it closed up on a up note right at the end. Just shows that the real sellers are few for technology stocks. Financials also strong is a good sign as well. In addition, so many bearish scenarios were playing out among many traders especially technical analysis followers. That just indicates that SHORT bets have ALREADY been made. Now they are just hoping the market tanks. If there are no sellers, look for short covering to accompany real buying next week. The shorts are basically at the same point the bulls were before the market started tanking early this year, IMHO. Looks good going into next week. I have a more bullish scenario and think we can move higher to 2500 quite easily after witnessing this week's trading in the Naz. The good GDP number is going to get played by the media and could change investor sentiment significantly, possibly getting a greater allocation to stock funds by those that had started putting more money into bond funds this year (out of fear). Ron Insana (cnbc) was interviewing a portfolio manager in the afternoon. The manager said individuals are now buying up bonds as well....Ron joked --getting in at the top.<g> That is also why the stock market has so much potential as more and more individuals start feeling positive about the economy and maybe increasing stock fund allocation.....and the positive news is starting with the GDP report.