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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: GROUND ZERO™ who wrote (12316)1/11/1999 8:54:00 AM
From: Tom Trader  Read Replies (1) of 44573
 
GZ, my sense is that the momentum during the recent up move was too strong for a top to have been formed at this point.

Here's what I am looking at: the a/d cumulative that you maintain and also other internals such as the new hi/lo is not impressive -- but the broadening of the rally and the confirmation by most of the indices suggests that there is more to go and that a top is not in place. We are seeing froth in the internut sector and the sentiment #s have deteriorated markedly.

I think that the fundamental events that will sooner or later catch up with the market is the weakness in the dollar, the break in the bonds and the resurgence of concerns about Brazil and so on.

So all in all, I expect a sell-off and then a rally to new highs -- not sure how deep the sell-off will be -- but it should be tradeable.

We shall see....!
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