MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.21

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Jan 2 4:00 PM EST

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To: Skipperr who wrote (276)	12/4/1998 6:31:00 AM
From: stockycd	of 99985

All, More thoughts... The DOW yesterday stayed above 8855 as I had previously mentioned but it came within 20 pts intraday. Any break of that would signal a test of 8338 in the near term. The transports closed yesterday on the short term trendline that had been formed since 11/12/98. If this selloff was to continue, the Transports should start selling off, possibly down to the 2963 area and any move below that would prepare us for 2817 and then 2743. The NASDAQ has moved almost sideways the last few days. If there is not a STRONG rally to above the 2025 area within a week, one would expect to see 1800ish after any rally attempt. I would really like to see any rally after this selloff on the DOW be very slow and deliberate up until "triple witching" and then a strong continuation up. This would signal to me that the market has strength and is for real. But as someone said yesterday. If things get to bad, I think old uncle AL will have stocking stuffers for us all. Having said that, I think it is not wise to go short. (Unless Brazil devalues.) My opinions only...:'> Later Chris

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