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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.08

-0.8%

Nov 18 4:00 PM EST

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To: Stephen M. DeMoss who wrote (30985)	10/22/1999 3:09:00 AM
From: Lee Lichterman III	Read Replies (4) of 99985

Well SI was down when things were fresh in my mind after looking through the charts but I am still in neutral just trying to swing with what ever is moving what ever way. Both sides can be argued. As Don pointed out, we had hanging man formations on the SPX and OEX but we had a bullish engulfing candle on the NASDAQ so take your pick. New lows topped 300 again today and the TRIN stayed over 1 which says the big money is selling like crazy while propping things up. However the Steadily climbing TICK showed the suckers were getting baited back in and weren't afraid to buy into the scam. As long as there are enough suckers, they will keep playing the game. Now you can trust the move up or you can look at teh bond pit which isn't a gambling casino as much as the regular market where you can place your bets for 8 bucks a trade on your soda can money <g> I am showing the BKX approaching over bought levels already and without Banks, you have hollow legs. The transports and utilities just keep dropping but I show them about ready to bounce. Heck if I know, I just know that the internals still are not good and stocks are being bid up huge on dumb reasons still. No fear and until there is real fear, I dont think we have put in a long term bottom. BWDIK EDIT - Challo, I have no idea who will be there but I believe just about everyone tries to make an appearance and if someone cancels, their stock usually pays for it. My best guess as to the market is they try to run it up hard tomorrow to ease J6P into jumping back in then it retests the bottom at least but probably more before heading back up for the Fed Meeting, COMDEX rally, a brief drop before teh fed meeting then a blow off rally that will have us all groaning since we know it won't be able to last and it will just makes thing s worse next summer when I STRONGLY feel will be the real end of this market. Good Luck, Lee

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