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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.04

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Dec 9 4:00 PM EST

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To: HairBall who wrote (7622)	3/5/1999 7:12:00 PM
From: Lee Lichterman III	Read Replies (2) of 99985

Well I am late for my second job but I had to get my MDA fix in for the night. I have to say I am not as bullish as most I read so far. The NASDAQ H&S has not been invalidated on my chart at least the way I am viewing it although I am not holding my breath for a drop. However, I just ran through my charts and I saw a lot of declining volume over the last 3 days as prices went up. My unscientific stocks that always seem to lead the market all dropped today while the DOW was screaming to new highs. I show the SPU and UTY almost up to their resistance lines and I got a class 3 sell signal on the BKX index. I won't be able to transfer my charts to my site until late tonight since I have to go to work but I saw little to get excited about so far. I still haven't checked my breadth indicators yet so maybe I will change my mind later. All I know is driving home tonight hearing how the DOW was up 200+ points, I expected to see volume and green bars all over my charts. Instead I saw haramis, hammer tops, etc more than I saw bullish engulfing candles. The NASDAQ looked sick. I expect a couple weeks max on this rally and then a pullback again. Like Don, I may change my mind as this plays out a little more but for an explosive upmove, I wasn't impressed at first glance. I still need to go over more charts as I only saw about 50 stocks so far but that is what I noticed. EDIT - Why is it that it was viewed bullish that manufacturing jobs were down while services were up? Sounds like the old over stuff the channel and now were trying to unload it analogy to me. No need to make as much stuff because we have warehouses full of it. Good for retailers, bad for production. Services employees are part time low paying jobs, not the over paid union jobs. Who is going to buy those expensive toys if there aren't high paid employees to shop in a few months? Good Luck, Lee

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