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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: bobby beara who wrote (20659)	7/21/1999 10:18:00 AM
From: Les H	Read Replies (1) of 99985

Some of the company guidance that accompanied the earnings reports were warnings of upcoming quarters or of moderating growth. Microsoft was already forecasting 15% growth for next year before they reiterated that view in the conference call. It's just that the stock ran up in anticipation of and because of this year's strong comparisons to last year ( I believe this year's growth was over 54%). Even Lucent's earnings growth was not very good. It was actually down if they hadn't added back in one-time merger costs in the prior year's interest expense category (Nice to be able to back them out of current quarter and then to back them in a year later). At this point, I only have oversold readings on DJIA/NYSE 5-day Wilder RSI and TRIN, but not the NDX/Nasdaq since their figures were in the stratosphere before the drop.

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