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Strategies & Market Trends : MDA - Market Direction Analysis

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To: donald sew who wrote (2168)	12/17/1998 11:38:00 AM
From: John Pitera	Read Replies (1) of 99985

Donald, Great Analysis on the Net Index (dot.x) . I agree it looks like it had a blow off top that peaked at 450 and that might be the most appropriate time for it to top as The Street.com announced the creation of this index on Nov 23rd, and considering that the internets have been the signature sign of speculation in this market mania. Options on the index started trading on Dec 9th and it would be a classic example of a bubble for the index to have made a top before it even started trading. By the way they can give you a history of how the index has traded going back through last year as you just use the market weighting that TSC established for each component and and calculate how each individual stock traded each day. A .618 retracement of the the decline from 450 down to 304 will be @ the 390 area if we see a turn down occur there then it will impact the rest of the market in a negative fashion. A .50 retracement is @ 375 ---it probably has enough juice to get through that. Above 390-- Baby Rock and Roll to 450 and then: TO INFINITY AND BEYOND Passing Observations, John

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