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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 660.19-0.8%4:00 PM EST

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To: James F. Hopkins who wrote (19181)7/2/1999 12:13:00 PM
From: pater tenebrarum  Read Replies (1) of 99985
 
Jim, i agree with you that it is hard to tell when this market will top out. since the market has now a tendency to take bad news in stride concurrent with the improvement in the technical picture, is as you say, a sign that this thing still has legs. in fact, everything i look at seems extraordinarily bullish, *except* the sentiment data. i always look at rallies in the context of disbelief or the lack thereof, since even the most bullish chart formations turn around at some point. this is really the only problem this market has - near universal acceptance of the bullish case.

regards,

hb
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