MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.21

-1.1%

Nov 6 4:00 PM EST

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To: bearshark who wrote (16325)	6/7/1999 4:41:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Although i haven't all the options data yet, there was once again good demand for index puts...meaning we could rally further. it is remarkable that the market displays such strength in spite of the bond not co-operating. still, i find it hard to turn outright bullish with volume so anemic. it would have been a lot healthier if we had sold off some more on heavy volume before turning around. the fact that this hasn't happened makes me suspicious of the advance. nevertheless, many internet stocks have now moved up sharply while doubts continue to be voiced as to the durability of the move. as long as these doubts persist i would expect them to move still higher. a successful retest of their recent lows would do a lot to boost my confidence though. a hard to read market, liable to deliver more surprises. regards, hb

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