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

To: KM who wrote (15260)	5/28/1999 1:09:00 PM
From: HammerHead	Read Replies (1) \| Respond to of 99985

Yes, specially the internuts. AMZN is my best trade this year, nailed its put at 180 down right after it released the earnings. I'm waiting for the next glue to come before Q2 earnings release (if no blue-chip warning), so it could be around mid June. I predict one more significant rally after this correction, then BK down down down at Q4. The investors' psychology could shift rapidly, the fear will overwhelm the greed when interest rates and Y2K both surface.

To: KM who wrote (15260)	5/28/1999 3:33:00 PM
From: j.o.	Read Replies (7) \| Respond to of 99985

It looks like the S&P is going to trade off into the long weekend. We have completed a solid A-B-C correction of the wave 3 downmove (looking at an hourly chart of the S&P500). The 38.2 retracement was around 1305, and was reached on Wednesday. My target for the 5th wave will be a minimum of 1250 (wave 5=wave 1...roughly 55 points down in wave 1 from the top), and a maximum of 72 points down (wave 5=wave3) from 1305 would give us a target around 1225. We will get confirmation of this wavecount when we break down through 1280 convincingly, which I would expect on Monday. Once the downmove is completed, look for a larger A-B-C correction of the entire downmove from 1370 - bottom. If we hold at 1250, then the minimum .382 retracement would carry us back up to current levels before we set off into the BIG wave three downmove, which can be expected to take us further than the 5 waves we are experiencing of this current wave 1 downmove. Have a good one! PS - Anyone expect a late, thin-market squeeze today? j.o.