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Strategies & Market Trends : MDA - Market Direction Analysis

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To: pater tenebrarum who wrote (17588)	6/17/1999 7:30:00 AM
From: bearshark	Read Replies (1) of 99985

Heinz: I think the case for a correction in the market can survive about two more up-days. I cannot make a case for a strong move up. Going back to last Friday at 3:40 PM Eastern. The market was heading into the weekend with a 200-point plus decline in the INDU. However, before it got to -200 plus, the money moved into the market and stifled the decline. That would have been about 400 to 500 in the three days prior to the weekend. Too noticeable to allow that to happen. Again, this Monday during the first hour of trading the INDU was ready to head into the tank. However, that was stopped. These actions were clear. Yesterday, we had the typical extraordinary moneyflow movements that can be associated with some expiration weeks. It seems to me that we have seen the workings of moneyed maestros. I was unimpressed by yesterday's move. At this point, I cannot buy into a move up. Like you said, there has not been any commitment to a correction yet. Until the money arrives in force, I feel we must decline or just flop around. I sure hate to see us flop around.

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