MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who wrote (391)	8/5/1999 11:07:00 AM
From: J.T.	Read Replies (2) of 19219

No Power, no principality, no institution, no person, no Mr. G. and no Chicago pits is going to hold this break of support levels. It is the cumulative sum of buyers and sellers who vote the market every day and dictate market direction. It could happen as early as today, tomorrow, next week. Maybe we get this one more extended run another 3% to 5% more. The point is, this is not something that is a whim or has developed overnight. This has been developing in the larger context since Oct 8 of last year and one could argue May of 97' when market breadth was at an all time high. Right now breadth is negative almost 3 to 1. We are right now at May 97 breadth levels--- DOW 7,000. So we get this little intraday reversal, let the boys have the stock in a game of musical chairs where people, not chairs are walking away from the buying game. TOO MUCH SUPPLY AND NO DEMAND, NO? At the very least, BULLS better hope that we get back to 1 to 1 A/D Levels today or it is the pits who deserve to hold the long bag. Best, J.T.

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