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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

4:00 PM EST

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To: dennis michael patterson who wrote (3163)	12/31/1998 4:17:00 PM
From: Lee Lichterman III	Read Replies (2) of 99985

WOW, what a day!!! I had today off and tried some trading to see if I still could do it. I am too old for this! <g> Closed my call on KEA but missed the top by a little, then jumped into OEX calls around 603 even though I said last night I thought it could go to 600. Was afraid I made a mistake when the OEX didn't rally with the +300 TICK so put in a break even order then tried to cancel and up my ask when it finally turned. The change was accepted then I get an execution notice and find out they did the first order at the same time I cancelled within 5 seconds so I missed out on 2 points. I was ticked then I read the futures thread and they are having fun talking about how the MMs were manipulating the thin market today. I guess I have lost my nerve or have been away too long because I was sweating bullets today watching the whip lash around. You guys have re-earned my respect that do this everyday. I didn't get rich but I am cash over the 3 day weekend and I didn't get taken to the cleaners either so I guess I am happy. Still not sure what to think about the fact that it took a Tick of +800 to get this market turned around. Many of those I think highly of are long right now but I still see a top coming short term. A/D looked good today but the declining indexes in the face of a positive $TICK, A/D etc showed some underlying weakness IMO. Tricky market short term. Hopefully I'll know more when my charts download in an hour. Good Luck, Lee

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