MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.21

-1.1%

4:00 PM EST

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To: StockOperator who wrote (34301)	11/28/1999 2:01:00 AM
From: Lee Lichterman III	Read Replies (1) of 99985

Your reasoning is very very sound as to the high flyers have the most room to fall but I would have to disagree for the "paranoid" reasoning I have about the market right now. This rally has been so narrow and mainly been inthe heavy weights like CSCO, SUNW etc that I don't believe they could allow those to fall or else the Indexes would just about collapse. The rallies in these stocks is all that has been making the indexes go up to make J6P think everything is fine in the world despite the new lows running consistantly over 200 and reaching 300 Tuesday. If they let those few stocks fall, the NASDAQ could lose 100 points in one day easily. Just like AG got himself in a no win situation, the market manipulators have now got themselves in one too. They can't allow the big boy stocks to drop or all heck will break loose. I believe once you see SUNW, CSCO, QCOM, GE etc falling more than say 5%, you better head for the bomb shelter because things are about to get real ugly and even an umbrella won't save you from the bodies flying out the windows. PS - I have the TYX topping around 6.35% IF it can get throgh this area of gap resistance I mentioned to GZ Friday basically at our current level. I would expect a reversal at least temporarily around there before another push up could start. As for the Dollar, we were at a long term bearish fork tine Wednesday so the drop Friday could mean that the trend is still really down and that this was a bear market rally for the currency. This would make things very interesting since we have noted here many times that what the dollar does, the market soon does. Good Luck, Lee

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