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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: yard_man who wrote (5764)	2/8/1999 6:42:00 PM
From: donald sew	Read Replies (5) of 99985

INDEX UPDATE ================================ My short-term technicals for the overall market rose today and are no longer in the oversold region, but are in the lower mid-range near the oversold region. This implies that if we do head down, there is now more downside than previously mentioned, and the timing for extreme oversold(CLASS BUY SIGNAL) has now been extended to 2-3 days from today. Of course the market could head up more. As I have always stated, when my short-term technicals are in the mid-range its a flip of the coin. We still that that little nasty BEAR FLAG which could dissolve tomorrow to the downside. Its quite obvious that we are zig-zagging in the DOW, which has been the case for 17 trading days, however this bear flag is implying that this zig-zagging could end tomorrow or Wed to the downside. This bear flag can be clearly seen on Monty's website of charts. I still feel that there will be a bounce, but feel that with this bear flag it will head down some more first before the rebound. From a subjective point of view, I would not want to discount the effect that RALPH ACUMPORA, and the other analysts may have to add negativity to the market. The media is giving the impression that the market shook off their announcements today, so theres nothing to worry about. I get the feeling that many of the average investors are getting the info tonight - lets see what the reaction is tomorrow, before completely agreeing that the market shook off their negative announcement - maybe they did, but I will wait till tomorrow to make that call. Seeya

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