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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 668.73

+1.5%

Nov 24 4:00 PM EST

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To: donald sew who wrote (30618)	10/19/1999 6:39:00 PM
From: Greg Jung	Read Replies (1) of 99985

I don't think the dow/nasdaq divergences are sector rotations perse but indicate the distracted WS searching for leadership. If IBM or HWP falls they find another dow stocks with a high stock price to prop up the dow. Remember the DOW zoomed past 10,000 and 11,000 due to HWP and IBM, mostly. Now that these are fallen and falling, how does it stay up? The second- and third-string stocks. Although not because they are such great sector representatives; in general all sectors on NYSE are going to hell in a handbasket. Yesterday they used AXP to pump the dow; today it was PG. Its just a bunch of cowboys showing they are Masters of the Universe. As an aside, todays action should in fact be rather discouraging, a failed rally attempt on NAZ and SP. Tomorrow we should see the crap get kicked out of Keane for being real; IBM has made some ominous moves to cut costs today although IBM shares didn't particularly notice. IBM PCs will now be mail/web order only! IBM services, trumpeted as the engine of growth, will not fare well.

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