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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Paul A who wrote (35314)	12/17/1999 6:30:00 AM
From: LaVerne E. Olney	Read Replies (1) of 99985

FWIW, my analysis of market internals would indicate that we ARE in a "stealth" correction. 1. The NYSE Composite peaked on 11/18/99; the DOW and S&P Composite peaked on 12/3/99. users.intermediatn.net 2. The NAZ Composite is still rising, reflecting the "anomalous exuberance" of the major players. The Nasdaq Composite Index measures all Nasdaq domestic and non-U.S. based common stocks listed on The Nasdaq Stock Market. The Index is market-value weighted. This means that each company's security affects the Index in proportion to it's market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index. Thus the momentum in the few large market-value stocks continues to drive the index to new highs. This is also affecting the DOW to a somewhat smaller extent since the addition of MSFT and INTC to the index. 3. All of my intermediate-term "market internals" charts have rolled over and are heading down except for the NAZ high-low (which appears to have peaked). users.intermediatn.net users.intermediatn.net users.intermediatn.net users.intermediatn.net users.intermediatn.net users.intermediatn.net users.intermediatn.net 4. The Arms Rate-of-Change ratio (NAZ:DOW) ( users.intermediatn.net ) simply reflects the anomalous level of the NAZ Comp when compared to the DOW. Eventually these market anomalies will resolve, maybe not in a kahuna, but in sequential "issue-crashes" of the large market-caps when expectations are not realized. BWDIK! users.intermediatn.net

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