MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 685.66

+0.2%

Dec 5 4:00 PM EST

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To: Terry Whitman who wrote (31896)	10/30/1999 4:14:00 PM
From: Lee Lichterman III	Read Replies (1) of 99985

>>If the market gapped down on monday- wouldn't that OEX chart be an island reversal/abandoned baby?<< There would be a lot of evening star/abandoned babys if this gapped down Monday and Don talked about that Friday. The charts are littered with gap ups the last few days. I don't see a reason to gap down Monday but in the longer term picture, the market doesn't like Gaps and it likes to fill them later on down the road. There are a lot of confusing things about this rally and I would be lucky if I could decipher just half of them. Friday also produced a boat load of dojis, gravestone dojis and the weekly charts on many stocks and sector indexes made hanging man formations which are bearish. The problem is what do you pay attention to? Forks and trendlines?, candles? I looked for help on the P&F and three line charts and they are leaning to the bullish argument as well which is why I posted to Heinz that I have to go that way. If I am wrong, then I am wrong. I wouldn't short this but I will be very very careful as I take a few long positions and I will be very selective and quick on the trigger for exits. Good Luck, Lee

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