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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.83

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To: donald sew who wrote (2293)	12/18/1998 8:46:00 PM
From: bobby beara	Read Replies (1) of 99985

Donald, the INX2 Internet Index has one of the clearest E-wave patterns out of all the indexes and this is the market leader. July topped out then a perfectly formed ABC correction into 9/1. 1&2 into 10/8 3&4 into 12/1 we are now in wave 5. Since we had a bullish gap to new highs in the Nasdaq today, I would expect some follow-thru buying early next week. We may have a situation where leg 1=5 in both time and price. NYA did not break the downtrend line today. Weak Hands Speculative Money leading the market higher - bearish divergence with NYA still in downtrend and NYSE McCllellan Oscillator in negative territory - extreme divergence. While the Fed has been lowering rates over the last 3 months the yield curve has been going up, not suppose to do that. Money supply growth may be skewing this. Commodities are near a 6 year cycle bottom, panic liquidations in many commod's taking place to go with panic buying in NUTZ, making Dutch Tulipmaniacs look like value investors -g- Deflation/No inflation is rolling off everyones lips, time to be contrarian. bb

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