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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: t2 who wrote (79209)	6/25/2001 6:26:38 PM
From: Zeev Hed	Read Replies (2) of 99985

NV, last time you pointed ut to a one day event when the P/C ratio blipped up a little, now it is back to .55, that indicator does not fit your scenario anymore? How about declining volume on this rally, vs increasing volume on last week's swoon down? How does that fit your scenario? Or, how about the slow but persistent increase in new lows? None of these typical contrary indicators worry you even a bit? You had the same argument some 200 to 300 naz points above where we are, but the market turned down. You should view the tepid action today in the naz in face of a certain rate cut as a contrary indicator, IMHO. Last, but not least, unlike the NYSE A/D ratio that made a slight recovery high on the last rally, the NAZ A/D ratio is still in a clear decline. If at all, you could make a case for the DOW to bump up from an oversold condition, but the overvalued NAZ? Zeev

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