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

To: American Spirit who wrote (76387)	5/2/2001 4:09:01 PM
From: t2	Read Replies (2) \| Respond to of 99985

We continue up to 2450 on the Naz IMHO by end of next week. Get ready to take a lot of flack for that comment.<g> The last 5 to 10 minutes were very strong. It looks like there was "hope" among traders that the Naz sells off. Only problem is that there were just too many making the same bet.<g> If I was a short seller today, my thinking would be...it has got to head down..how long can it keep going up. Again, this reminds me of the bulls that got hit so often in the last few months...same idea but just a different direction to the market. (btw--i also took my hits in that period before realizing what was really going on) IMHO, a very strong setup for a major move tomorrow for the Naz. Dow hitting resistance...took down IBM and MSFT also. Looking for a reversal even in the Dow tomorrow. Another point I would make about internets is that..this is where the easy short money was. Too much money is being lost just too fast and we may be seeing some squeezes in many of those names. As Kenny Rogers would say...You got to know when to hold'em and know when to fold'em.<g> Best of Luck.