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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: stockycd who wrote (7010)	2/24/1999 10:09:00 PM
From: Lee Lichterman III	Read Replies (1) of 99985

>>For a moderate down day, the new highs improved...<< Those highs were made before the bottom fell out. Now you all know me, the constant contrarian. <g> There is a chance we could bounce off this 9400 area since it was firm resistance for a long time and should serve as at least temporary support. Of course the bond needs to reverse pretty quick. The smaller indexes all turned down from expected levels thugh so my pitifull attempt to be bullish is not very convincing <g>. SO - Regarding Fridays are what counts. That plays right into the MMs hands as that is what they want everyone to think. That is why I use the J6P effect as a bullish bias to Friday trading. Friday's tend to be up in Bearish markets because they don't want the people that only read the DOW close in the weekend paper to know they have been selling off all week so they tend to bring the index up on Friday before the close. Take 4 1/2 times average daily volume (about 3.4 billion shares) and sell it off then buy 50 million shares of heavily weighted stocks before the close and all will look fine until it is too late. <ng> Lee

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