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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: pater tenebrarum who wrote (49758)5/8/2000 11:52:00 AM
From: TRINDY  Read Replies (1) of 99985
 
Heinz and all--I have developed a market direction signal. Currently it is reading ever so slightly positive on the NAZ and ever so slightly negative on the other major indices. It could go either direction in a major way at any time. Generally I regard the market as highly overvalued and have for some time. What encourages me on the down side is that many "generals" are currently hovering at their fail-safe points and are weak today. I'm speaking of GTW, AAPL, VRTS, AOL and many others. Dell and Cisco are also weak. For those who are long, I would be seeking protection on any downside momentum. There is a great deal of distance between present prices and previous support levels.

Of course, additional up days like Friday on the NAZ will enhance the weak positive signal I'm now getting. But, I think it would be a head fake. I just don't see a break out to the plus side here. Still, stranger things have happened. I have a great deal of respect for Zeev Hed's prognostications, which I read to be weakness in the near term and then a summer rally, followed by weakness into the fall. Now that I've taken a position (literally and figuratively), just the opposite will happen.

Will continue to post my signals here.
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