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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 680.44

+0.6%

Dec 19 4:00 PM EST

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To: Michael Watkins who wrote (51315)	5/19/2000 5:13:00 PM
From: pater tenebrarum	Read Replies (3) of 99985

Michael, 624 on the NYA is incidentally more or less also home to the 200-day EMA and the support trend line off the March low. if it doesn't hold, more downside seems likely. that said, the NYA is clearly the strongest index of late...an amazing performance all things considered. the recent turning point coincided with a few bearish oscillator divergences...unfortunately i can't link decisionpoint charts anymore, so you'll have to take my word for it<g>. high yielders, 'defensive' issues and commodity type stocks are generally still in demand, see e.g. ACI, which i mentioned here the day before yesterday (a coal mining stock): finance.yahoo.com it's a sign of funds that 'have' to be invested fleeing into perceived relative safety...a characteristic of a nervous market. it could well be that the market is beginning to discount more rate hikes down the road.... regards, hb

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