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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: LaVerne E. Olney who wrote (31693)	10/28/1999 12:57:00 PM
From: Stephen	Read Replies (2) of 99985

LaVerne, I believe the relevance of the a/d as an indicator should be looked at in terms of the overall market rather than the indexes (which is a loaded game anyway). In any event and as we all know, its relevance as a leading indicator is questionable. As I mentioned yesterday, looks like the boys knew todays ECI figure - hence the program buying/leap in finacials. Noticed Tom Costello mentioned that someone called him and mentioned that the market had turned 5 times this year in the last hour, correctly reflecting the next days economic data. I haven't noticed the type of heavy program buying which occurred yesterday 5 times this year ... but certainly twice before. Interestingly, they both sold off into the early morning strength ... though the market continued to go up after the retracement anyway. Didn't really see any great pullback today ... but wasn't able to watch that closely. If anyone has an insight to that I would appreciate it. I doubt Ole Greenie has been corrupted ... and therefore cannot see anyone knowing what he might say tonight (except his wife) .. so the anticipated weakening at end of day must have a chance. Stephen

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