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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: donald sew who wrote (2168)	12/17/1998 10:31:00 AM
From: StockOperator	Read Replies (2) of 99985

Guys I believe that this market is going higher. I agree with many of you that there are obvious signs of overall weakness in the numbers. But I won't rely strictly on oscillators, which can often conflict with one another. What did breadth or advance decline numbers look like in October when the markets were bottoming. How many of them pointed to the huge rally that followed. When looking at the chart patterns for some of the major indices and well as all the big players in the Dow and NASDAQ I see charts that have bottomed and are now beginning to move higher. As a matter of fact the chart patterns of many of the generals in the NASDAQ as well as the internets are in the process of breaking out to new highs (YAHOO and Cisco are perfect examples) from consolidation patterns. So ask yourself this question, can we have a breakdown in the averages when the chart patterns of the major players in those averages are extremely bullish? I just don't see it. I'm bullish here. StockOperator

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