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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%Nov 21 4:00 PM EST
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To: Robert Rose who wrote (30491)10/19/1999 12:17:00 AM
From: Lee Lichterman III  Read Replies (4) of 99985
 
I wrote that because I had a bid 1/8 below the best bid all day long on a play I was trying for and as it started to approach it each time, the Plunge protection team would hit the market with a large buy program. After as long as my order had been in, I had to be first in line and the final rally right when my bid was showing on the clicker for the 3rd time made me angrier than heck. I am a very vengefiul person and the closing rally was BS as viewed from the market internals. It was doctoring of the books and an attempt to squeeze the shorts trying to close thier positions before the close. Therefore I am hoping ill will on those that bought buckets of stock trying to pooch others and want to see the tables reversed against them before the open tomorrow.

I was actually short term bullish if you read my posts this weekend since I believed we were short term over sold. FWIW, the closing rally was enough to cancel many of my short term indicators so now the game gets really interesting again with a slight bias still upwards but it gave us more room to move down also. Althey did was manage to create an inside day which usually means more downside in the future.

If MSFT talks down Q4 like they like to do anyway, say goodbye to tech stocks for a while. I expect them to beat the estimates but MSFT is famous for trying to keep future estimates low and the last thing the market wants to hear is the tech leader warning about Y2K effects or any other vague clouds on the horizon. Note how the sector rotation is now in the beaten down banks, insurance, healthcare etc.

Good Luck,

Lee
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