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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Lee Lichterman III who wrote (31410)	10/26/1999 11:05:00 AM
From: j.o.	Read Replies (1) of 99985

Hi Lee - In ref. to your post..<<However if the market were going to drop, today had every excuse to do so and yet there were no bodies flying out windows on Wall Street>> When I was trading for banks, there was one very simplistic saying that held a lot of truth..."If it's not going down, then it must be going up!" <gggg> I agree with you that by most measures we're way too high, but I am not hearing any expectations for a 'blow-off top' right now. In a way that makes me suspicious. In the Dow we've nicely satisfied the 38.2% retracement requirement with our brief move just above 10,500 two days ago - but we're still above the uptrend support line (I see 10,340 roughly) on the hourly chart...I'll short a break of this, but until then I'm approaching this market with some caution. I would say that you have to buy a break of the falling resistance line on the daily chart. Looks like about 10,480 to me. Until one of these goes - I'm safely on the fence <gggg> Happy trading, j.o. indextrade.com

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