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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.53

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Dec 2 4:00 PM EST

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To: bobby beara who wrote (35156)	12/14/1999 8:02:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

at the very moment when more and more analysts come out openly to dismiss the a/d line as a relic, it is probably time to pay some attention to it. no-one can dispute the historical fact that the two worst bears this century were preceded by a/d line divergences of roughly similar length (we're in between the two in fact). could it go on longer? i guess it's possible, but i don't buy this perpetual a/d line thing...if all sorts of sectors are tanking, something isn't right. people completely forget that while technology is certainly growing fast, it's still only between 5 and 6% of GDP. are we to think the rest of the economy doesn't matter anymore? the truth is that more and more money has been concentrated in fewer and fewer stocks, on considerations of momentum alone. in a word, madness. sure, it's great to trade in a mania, but i thought that's not what institutions were supposed to be doing.... hb

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