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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 694.04

+0.7%

Jan 9 4:00 PM EST

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To: HairBall who wrote ()	3/16/2000 9:40:00 PM
From: HairBall	Read Replies (2) of 99985

Frankly, I am surprised at how easily the public is manipulated. It is almost eerie how easily explanations for moves like yesterday and today are just accepted with little question. It seems all the "new era" investors went to bed Tuesday night and woke up with a new mind set. They decided in unison to jump off the "new era" band wagon and leap onto the "old era"...yeah, right...<gg> Yeah, the market is getting ready to take off on a new bull leg...LOL! Fortunately, in spite of being blinded by QCharts/QFeed, my plays today made out ok. My longs worked very well and my one short play is at just about break even. I usually close positions when I loose my data feed on all speculative plays...I don't know why I did not today. I just got lucky I guess! I am looking at the intraday charts from QCharts tonight after they finally got the service back up. They have about a 24 hour hole in the intraday data. The trend lines and horizontal price action support/resistant areas are still intact. I am leery of my indicators until the data hole fades past the formula time frame windows. I debating on whether to post some charts with these data holes or not. As indicated on my NYA chart last night, I expected if the break today was up the bearish pennant would be negated which is usually a bullish reversal. If negated I expected at least a run to test the Oct 98 SRL. That line was at the approximately 624 level at the close today. The NYA high for the day was 634. Of course, I did not expect the run to take place in one day...<g> I wonder, how many folks trading or investing today have ever seen a bear market rally, much less a "new era" one? Have we just witnessed our first two days of such a rally for the NYA end of the overall market seesaw? Tomorrow or Monday at the latest should let us know for sure. IMO My QChart COMPX (NASDAQ Composite) 60-Minute Semi-Log marketdirectionanalysis.homestead.com My QChart NYA (NYSE Composite) 60-Minute Semi-Log marketdirectionanalysis.homestead.com Note: Technical Indicators are off some tonight due to data holes courtesy of QCharts/QFeed. ------------------------------------------------- My QChart Trend Lines Green lines are resistance trend lines or resistance horizontal price action areas. Red lines are supportive trend lines or supportive horizontal price action areas. Gray lines (SRLs) are either resistance trend lines, resistance price action areas, supportive trend lines or supportive price action areas that have been broken. They can now act as either support or resistance depending on price action. Dark blue lines are formation lines. Light blue lines are previous formations. ------------------------------------------------- Good trading all... Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. An overall market expectation is just that and should not be used in exclusion of the evaluation of individual equities or other investment instruments. Do not base any investment decision solely on any one person's views or analysis. Do your own research and take responsibility for your investment decisions. QChart/QFeed Disclaimer: Although I currently continue to use this service I can no longer recommend it in good faith, as the service has become unreliable.

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