MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 689.10

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Jan 23 4:00 PM EST

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To: Les H who wrote (32847)	11/8/1999 7:23:00 PM
From: Les H	Read Replies (2) of 99985

WHAT TO EXPECT NOW. ORD ORACLE. The McClellan Oscillator hit plus 182 on Friday. After staying below plus 150 for over six months and than breaking above plus 150 implies a new impulse wave up has begun that should last into January 2000. For short-term the picture is not so clear. On Friday a potential high volume "Spinning Top" formed. A high volume "Spinning Top" reflects a sign of distribution. By no means are we bearish here but rather the market is probably interring into a sideways consolidation pattern. This sideways pattern is probably "Wave 4" of a five-wave sequence up for the October 18 low. Once "Wave 4" is complete "Wave 5" will start and most likely take the market to new highs. We do have our finger on the trigger to exit our long position in the Mutual funds if really bearish signs appear and at the moment we are not getting a clear topping signal. Mostly we are getting contradiction in our indicators, which usually leads to a sideways market for the short term. We are still long for the moment. We think the XAU gold index is in the start of a bull market that could last six years.

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