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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 10 4:00 PM EST

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To: Haim R. Branisteanu who wrote (4592)	1/23/1999 9:43:00 AM
From: Monty Lenard	Read Replies (2) of 99985

An inflation adjusted chart should do it. Sorry Haim, I do not have an inflation adjusted chart. Maybe you could post one for us. As far as drawing from the closing prices vs the lows.....I am not real sure closing prices are that meaningful and have been taught to use highs & lows when drawing trendlines. IMHO closes can really be one trade while highs and lows are created by many trades. In other words, if the market had stayed open 5 minutes longer what would the close have been? Now that may not be true for indexes as much as it is for individual stocks, I really do not know. I DO use closing prices in MY analysis but draw trendlines using highs and lows. But I will say that the chart drawn as you requested does make a difference but the picture is still not good. I have put a chart of the NYSE per your instructions at personal.msy.bellsouth.net TIA Monty

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