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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: donald sew who wrote (4124)	1/18/1999 11:48:00 AM
From: Haim R. Branisteanu	Read Replies (1) of 99985

Donald, I am concurring with your asessment from a different angle. I think that the week of Jan 25 will tell the story as it is closely correlated to the 401K contribution. My basic assumption are that the market capitalization including new IPO's is expanding faster than the personal free income of the US workforce. In addition the SE Asia markets are again attracting fresh funds into their market. No new money is coming there from local investors as they are all strapped of cash. This rally is getting narrower by the day and the Internet Mania hit the front pages of almost every publication. Aside from that several TA events are gathering toward the end of the month and we may see a double top. In general there is to much of an agreement as to DOW 10,000 and above underlined by the reflex rally of Friday. I was wrong before so I may be wrong now, but my 2 cents are that free income is not growing at the same pace as the market. BWDIK Haim

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