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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 665.67-0.9%4:00 PM EST
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To: HairBall who wrote (4529)1/22/1999 2:04:00 PM
From: StockOperator  Read Replies (2) of 99985
 
LG,

IBM opens 14 pts lower. Trades pretty much all day in a tight range at the bottom, on heavy volume. My gut says serious accumulation. Remember closing weekly prices on all the charts is the key for my analysis. Anything can happen in the next couple of hours. But as I said in my last post, longer term trends are still intact. Think about how often the market has turned on a dime the past couple of weeks. IMHO, closing weekly prices is the same as waiting until the last hour of trading to see what the smart money does. Last hour of the day -- last day of the week.
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Also, when you look at the way certain issues are trading (like MO) a "shakeout" is my first thought. Here's a good example of a company that broke through support a few days ago on really bad news and instead of getting killed on a day like today, the stock goes up. Or did you notice the last couple of days how everyone came to the same conclusion that the internet bubble was ready to burst. I've seen many chart patterns over the years and would be completely blown away if this bubble ENDS on the kind of trading we've seen the past week or so. Today's move SO FAR has caught many on the wrong side of the fence.

Like I said I'll be waiting on the close to get a better sense of things.

Good trading.

SO
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