MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 670.92

+0.1%

Nov 7 4:00 PM EST

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To: Jerry Olson who wrote (41801)	2/29/2000 10:53:00 PM
From: Michael Watkins	Read Replies (2) of 99985

OJ, I'm just a lowly intraday index trader these days (when trading at all)... wish I knew I was going to be around to trade today and I would have joined you on WAVX. I am not saying we aren't going up here, but since you brought up volume... the bears have to move aside here..we just had a 2 billion trade day on the NAZ..now thats huffin' and puffin' in my book... intelligentspeculator.com I added total volume to my COMPX chart. Each volume peak coincides exactly with the day before a big reversal (or in the case of one, was a big reversal day). (LG I am with you on the distribution thing, no doubt here. 2B+ shares and fairly narrow range can be nothing but...) So don't "assume" anything tomorrow... even though on balance there's plenty of signs of bottoming in individual names, the internals don't yet support it. I'm not taking either direction for granted - I went long some defensive names with low volatility but I suspect I may have to close them out tomorrow if things deteriorate. And perhaps my PDG buy stop will be hit if things do fall apart... ;) Cheers! Mike

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