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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

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Nov 7 4:00 PM EST

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To: HairBall who wrote (40746)	2/19/2000 1:32:00 PM
From: James Strauss	Read Replies (1) of 99985

The Market... **************** LG: The break of the 10,400 support area by the Dow coupled with rising New Lows relative to New Highs on the NYSE and the resumption of the downtrend in the McClellan Summation Index hints at a test of Dow 9500 in the weeks to come... siliconinvestor.com A look at the monthly chart shows support in the 9500 area on the 40 month average... In late 1998 the steep correction stopped just above the 40 month MA... I'm looking for the same thing this time... GE, which has over a 95% correlation with the overall market, just dipped below its 40 week MA... siliconinvestor.com The last time this happened was in late 1998 when the overall market corrected... Any one or two day rallies will draw the lambs into the slaughter arena for another 5% to 10% of pain... I'm 90% in cash in my mutual funds right now... Jim

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