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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

-0.8%

Nov 18 4:00 PM EST

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To: Lee Lichterman III who wrote (31005)	10/22/1999 10:59:00 AM
From: j.o.	Read Replies (1) of 99985

Hi Lee, just wanted to add a quick look at the currencies to what's been going on in the stocks. We have just made what looks like an island reversal in the hourly chart of the GBP, and the Euro also looks as though it has failed to hold onto its bid from yesterday against the dollar. I have not been watching the Yen, but overall we are seeing pressure on the dollar fade. BP99z (on quote.com) is testing support at 1.6625, and if that goes, we're headed substantially lower. Looks likely to me. With this background in the currencies, the US stocks and Long Bond will continue to see a good bid tone, and there is some potential in my view for an attempt to push US stocks substantially higer. Gold is also coming back to test the $300 level. Psychologically, this is an important level. If one believes in gold, this is probably the place to establish longs. It was a heavy support-resistance level at the end of 98, begin of 99 - and really has to hold here. BTW - We here in Antigua have weathered the Eye of Hurricane Jose without any outages to indextrade.com!! It's quite a spectacle, though - and humbling. Lots of cleanup ahead this weekend. Happy trading! j.o. indextrade.com

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