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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.89

+0.3%

Oct 31 4:00 PM EDT

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To: Tom Pulley who wrote (83467)	10/16/2002 10:40:15 PM
From: Tom Pulley	Read Replies (1) of 99985

This rally still appears to have legs to me. The 50 day moving average of Nasdaq new highs is at the lowest level in the past 12 years with the exception of October 1998 (which was a great time to buy and hold....50%+ up move on S&P 500 and 200% on Nasdaq in the next 1.5 years). The low number of Nasdaq new highs reflects extreme pessimism: stockcharts.com[e,a]daclyyay[d19900101,20021016][pb50][vc60][iLo64][J6899978,Y]&pref=G And I hate to keep mentioning the Put/call ratio but note that it is already back up to 1.25.....an extremely high reading given that the S&P 500 and Nasdaq have both risen over 10% in the last 5 days. This indicates to me that the consensus is that this rally will rapidly falter. Rarely is the concensus correct. stockcharts.com[e,a]daclyyay[d19960101,20021231][pb4!b13!i][vc60][iub7!ua20,26,9!uj[$spx]][J6534876,Y]&pref=G Tom

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