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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

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Nov 20 4:00 PM EST

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To: Teresa Lo who wrote (22292)	8/6/1999 6:27:00 AM
From: donald sew	Read Replies (1) of 99985

IS, >>>> One thing that bugged me about the whole bounce was how the media was so quick to label it capitulation - it seemed too easy and as I sit to write this reply, I look at the CBOE put call ratio and it's not exactly what I'd call washed out here. Seems like folks were buying equity calls hand over fist. VIX was not that high and internals, namely new highs and new lows still are not improving <<<< I agree with you totally. The one thing that bothers me the most is the NEW HIGHs/NEW LOWs. THE NEW LOWs got over 200, which is the highest level since last OCT. Granted that the market sold off in the morning so the NEW LOWs would be high, but now it must improve significantly over the next few days(back under 100) or this market will probably continue lower. You will also noticed that besides going above 200 for the NEW LOWs, we have had the most number of days where the NEW LOWs has been over 100 since last OCT. This is definitely not a good sign, unless it can improve immediately and significantly, and such supports my belief that this rally should be short and weak. seeya

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