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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.70

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4:00 PM EST

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To: John Pitera who wrote (2227)	12/17/1998 11:48:00 PM
From: bobby beara	Read Replies (3) of 99985

John, U G L Y is right on. This is the peak in bullish disregard and complacency. Bidding up the market while we are bombing Iraq and a vote of impeachment is a lock in the House. three lower peaks in the a/d, three higher peaks in the OEX. A/D line bounced off 200 dma. I believe we made a short term bottom this week and we are in the final stages of a top. In July I was barraged with cold calls from brokers. Now I am barraged by brokerage TV ads. Record bullish sentiment. The McCllelan Oscillator normally makes a complex bottom after an initiation leg up/correction and before the next rally resumes. If we turn back up here and have a significant rally to new highs, this rally will be on much weaker legs than the 7/20 top. bb bb

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