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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

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Nov 21 4:00 PM EST

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To: bobby beara who wrote (7225)	3/1/1999 8:41:00 PM
From: Hawkmoon	Read Replies (3) of 99985

BB, Love those charts!! Did you read the Feb 20-26th edition of The Economist? They are not convinced that Japan is out of the woods yet and they go into some detail as to the economic and monetary battles being waged there between the gov't and BOJ. Deflation and a cheaper Yen seems to be what they are predicting. That should present some strength for the dollar, although that may not translate into new highs in the Big Caps. What I'm currently watching are Russell Indices. The RUT stands at a crossroads in what appears to be the apex of a descending triangle. If it breaks to the downside, unholy hell will break out, IMO. What I'm wondering is whether we can see a somewhat orderly sector rotation from big caps into the small caps without creating a crash. CNBC seemed to be playing up the small caps today and I can quite determine if they are being guided to that sector by their "handlers" on the street, or whether that should taken as a contrarian indicator of distribution by small cap funds. One would think that the small caps have been pummeled enough for the sake of the Big Caps. Combine that with the fact that they have limited overseas exposure, and will be the primary beneficiaries of inventory buildups prior to Y2K, and somewhere we have to find some favor for the sector. Regards, Ron

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