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

To: BILL G. WRIGHT who wrote (5602)	2/7/1999 2:48:00 AM
From: brian z	Respond to of 99985

Agree. We will see a rally next week. The Nasdaq was showing signs of a bottom. After dropping from a record high of 2533 on Monday to a low of 2346 on Friday, the -187 drop stalled at the 2350 level. The last dip was not able to penetrate to the 2350 level again and started moving up as bargain hunters started shopping. The DOW dropped sharply to 9200 and tested it three times on Tuesday but was unable to penetrate again. The most important indicator was the new bottom of 9280 which was tested several times on Thr/Fri. It appears the a new higher low was being formed. DOW closed above the psychologically important 9300 level on Friday. This is a good sign.