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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Monty Lenard who wrote (4455)	1/21/1999 8:49:00 PM
From: donald sew	Read Replies (3) of 99985

Monty, Thanks for the update in the chart. It is clearly shown that the DOW has closed below the LOWER TRENDLINE of the WEDGE, which is also the TRENDLINE from the OCT LOWS. The DOW needs to immediately get above this line or its more negativity. With the break of that trendline, it appears that the DOW could be targeting the MID-LINE of the PITCHFORK which is implying LOWER LOWs. I have not yet identified all of the various support lines yet. I mentioned earlier today that many of the INTERNUTs and the DOT.X gave a CLASS 1 BUY signal with the buy-in day at tomorrow's lows. If the INTERNUTs do pop to the upside on a timely basis then we could possibly see a bouce in the overall market. Please keep in mind that per my short-term technicals, if this bounce in the INTERNUTs is late it would imply that the bounce in the internuts may be weak, which may imply futher negativity for the overall market. So we should see a bounce in the internuts tomorrow, more towards the afternoon, or Monday. The DOW needs to take out yesterday's highs around 9480 soon or negativity will increase. I am leaning more towards the negative side but lets see. If there is a bounce in the INTERNUTs and the overall market also bounces, I do not feel that the rebound will last too long, maybe 2-4 days. I believe that since the short-term technicals are in the middle which is mainly a flip of the coin. Unless 9480 is taken out quickly, I will initial more PUTs if there is a bounce within next few days. If it heads straight down I will not chase, but at least I already have a small PUT position in place and my longs are closed or hedged. seeya

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