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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

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Nov 21 4:00 PM EST

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To: HairBall who wrote (735)	12/7/1998 3:24:00 PM
From: Arik T.G.	Read Replies (1) of 99985

LG >>Looking at the Dow Industrials' Actual Intraday 30 Minute Interval Semi-Log Chart, the Bearish Pennant (looks more like a rising wedge at this point) is continuing. I see this pattern, too. Problem is, the Dow has all the weak sectors and stocks of late (i.e. DD, BA, KO) and the SPX has the blessed influence of the big techs (MSFT, INTC, CSCO, LU) and looks completely different. The Big Techs are pulling higher, while the traditional big caps have lost steam. This tug of war was resolved on previous occasions by sector rotation (the official name for "what can I buy that hasn't skyrocketed already") and the traditional (Dow) stocks catching up. This could or could not happen again. So far, since the market overcame SPX 1180, I have to conclude that the bulls have the ball. ATG

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