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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 684.84

+0.6%

Dec 22 4:00 PM EST

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To: pater tenebrarum who wrote (20824)	7/22/1999 6:09:00 PM
From: Lee Lichterman III	Read Replies (3) of 99985

>>i will be on the look-out for options players buying OEX calls on rebound speculation. if that happens, we're in trouble<< Does that mean I have to cancel my order???? <ggg> Actually I am thinking that there is a good chance of a bounce here soon although I don't have my data yet to see the damage. On the bearish side we have the breadth of the selloff, the weekly candles that will either show a bearish engulfing or a hanging man ( I incorrectly called it a hammer top yesterday, duh!) and the analysts look like they are actually making some attempt to read the earnings releases of these companies to see between the smoke and mirrors. On the bullish side, financial stocks held up surprisingly well and as I have been saying unless this is the BK, my TRIN chart says we should rebound. Don has given us a Class 1 and Friday is J6P day with AG also getting off his scare speech. I do agree that the US dollar beig repatriated is putting a lot of pressure on but think of all the money the brokers are making from this dip. <g> Also note the bear flag formed in the last couple hours on the NASDAQ best seen in the 15 minute or 24 minute chart. My mind may change as I scan through all the charts tonight but I fully expect a morning sell off then a bounce near the close with continuation Monday. Of course this is mostly guessing. I friend was telling me that to comute the equality of a NASDAQ move, you should take the change and multiply it by 5.5. Just the 90 Points on Tuesday and the 75 today would equal a drop in the DOW of over 900 points. what is everyone so excited about 900 points in a couple day for??? <gggg> Good Luck, Lee

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