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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

4:00 PM EST

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To: donald sew who wrote (31363)	10/25/1999 6:55:00 PM
From: bobby beara	Read Replies (2) of 99985

chicken chart for the day: members.bellatlantic.net both the H&S pattern on the value line and Dow have been activated, and like the Dow the value line made a bear flag back to the neckline and sold off into the 1987 crash anniversary lows another marke twain rhyme is that the CBOE had the largest volume option day on 10/15/99 (p/c ratio of 1.05) since 10/16/87. This and the big spread on the front page of the newspapers on saturday turned out to be a bottoming signal. There are two alternatives now, either that was an ABC bull market correction or we will now consolidate in a wave 4 sideways pattern, until some news breaks us out of the range. Since the p/c ratios came back so quick to euphoric levels (equity only options on friday were .33) and the rydex ratio on decision point (and cboe p/c's) are not showing selling climax levels i believe another leg down may be in the cards.

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