MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: pater tenebrarum who wrote (21129)	7/26/1999 7:13:00 PM
From: Cathedra	Read Replies (1) of 99985

With apologies to Vittorio De Sica, I think tech stocks are (finally!) putting together a near-term bottom. Today we had a big down day on light volume, this evening we have a stunning put/call ratio (0.70 overall and 5.3 for S&P 500) on decent volume; the only ingredient left is a gap down tomorrow at the opening, but ending at day high. Given the market's extensive hemorrhage and the continued pressure on the currency and interest rate fronts, I won't initiate any long positions just yet. Those longs will probably be in NASDAQ 100 and semi stocks, rather than Internet stocks. It was scary watching AMZN, YHOO and other big 'Net names break down today.

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