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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: pater tenebrarum who wrote (33341)	11/13/1999 11:10:00 AM
From: bobby beara	Read Replies (2) of 99985

Heinz, i believe the spx is headed to new highs this week, several money managers i heard on thursday and friday were either waiting for new spx highs to confirm this wasn't a bear market rally or looking for a pullback to get in. I don't think the market is going to accomodate the people waiting for a pullback, so i think we will get a flood of money in next week from the laggards to push the spx, to make a head, the left shoulder peak will be the july top. Then we should have some conviction. timely.com Last friday when the sentiment was so euphoric was the top of wave 3 from the october low, this sideways action in the dow/spx worked off the excess and now we have broken resistance and are off to the races again. a lot of nutz charts have triangles on them and aol has that wave 4 correction complete and a new upleg going. Interestingly the spx chart is now taking on the look of the Dow 1998 topping chart, with a downslanting H&S pattern developing. There is a fibonnaci turning point coming in on the 18th, the next level would be mid december. bb

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