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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 679.68

+0.7%

Nov 26 4:00 PM EST

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To: donald sew who wrote (7863)	3/9/1999 8:28:00 PM
From: StockOperator	Read Replies (2) of 99985

Don, Yes, I do think breadth will be better than we've seen so far. First of all many of the high tech stocks that lead this rally are still consolidating their gains. The transportation sector has been gradually moving higher as well (but has not broken out yet). The telecom stocks I pointed out earlier are just breaking into new highs. Bank stocks today (from what I hear) are doing well. So I do believe the overall numbers will improve. I don't know if you remember the interview with William O'Neill that was posted several weeks ago on this thread. Poor Breadth was one of the topics that he touched on. Basically saying that breadth can often be a lagging indicator. Especially after a bear market. Now I'm sure there are plenty of people that are going to raise issue on whether or not last summer's correction was a bear market. Which I'm sure can be discussed for a very long time. Tom McClellan some months ago said pretty much the same thing. So I think a healthy breakout would be one in which all the major indexes are moving in the same direction. All on the heals of expanding volume. But right now I'm watching how all these companies and indexes are handling the resistance there running into. And I do believe a forceful move through those levels is going to be necessary. Because 10,000 is only a couple of pts from our current levels. I honestly believe its a non-issue. Don these are only my opinions. Only the market knows. Keep up the good work. SO

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