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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

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Nov 17 4:00 PM EST

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To: dennis michael patterson who wrote (21233)	7/28/1999 12:24:00 AM
From: Lee Lichterman III	Read Replies (2) of 99985

I ran my charts tonight and started with the indexes including the sector indexes. I have to say, they almost ALL looked bullish with most of them displaying tweezer bottom formations like this bounce is for real. Then I started working on the stock charts. A whole different picture emerged. Small retraces, conflicting volume etc. Stocks look sick for the most part. A few put up impressive moves but they were also the stocks that tend to suck in the greatest number of fools like my favorite MU. It is almost in shorting territory again but I know they can pump it a lot higher before all the J6P money is secured for the robbing so I will wait. Still, there were morning bounces in many stocks only forthem to give it back by the end of the day. Also looking at a few intra day charts, I saw that many stocks were actually down with heavy selling only to spike upwards on the close to make the numbers look good tonight for the evening news. I think this could either be a short rally till the end of the week, or this could be one heck of a bear squeeze that could last a while before finally caving in later in August. The mid term cycles show this could actually last a while so I am in no hurry to re-engage on shorts but will not be foolishly be rushing into longs either. I think that this is not a time to go for the homerun trade. A few bargains here and there that if things get slammed before the open, they are already cheap so the fall could be limited type trades. I see some fairly heavy resistance at OEX 710. I will gauge the strength as we try to approach that area. I am really tired so I am calling it a night. Hope some of this makes sense as I am rambling I am sure. Good Luck, Lee

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