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

To: Haim R. Branisteanu who wrote (7635)	3/5/1999 8:58:00 PM
From: Elroy Jetson	Respond to of 99985

The Employment report showed fewer jobs were created than might have been feared from the very strong fourth quarter GNP report. Slower job growth means its less likely the Fed will tighten, which rallied bonds today - bringing interest rates down. Thus stocks with high P/e ratios are safer than feared. This resulted in today's short-covering rally. Most new uptrends start with short-covering rallies... but most short-covering rallies do not signal the beginning of a new uptrend.