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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: HairBall who wrote (8106)3/12/1999 10:39:00 PM
From: Casaubon  Read Replies (2) of 99985
 
In my short tenure at TA, I have taken quite an interest in candlestick charting. What I see on the DJIA (LG's Dow Industrials Daily Actual Semi-Log ) is a bearish Doji pattern, after a rapid run up. With the stochastics pegging the overbought region, I doubt the market even has the stregth to get to 10K without a consolidation, much less close over 10K.
Futhermore, the slowdown in europe is going to cause greater drag on the economy. Also, I read today, the Japanese revised numbers for last quarter put their economy in 5 sequential periods of negative growth! As I recall (and correct me if I'm wrong), that is the definition of DEPRESSION! With their recent interest in selling bonds (borrowing money), the increased interest rate necessary to attract buyers, will further hinder growth. I see the japanese economy remaining in the dumps for at least the remainder of the year.

Thanks for all those who put the effort into accumulating such great data!
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