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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: Monty Lenard who wrote (8219)	3/16/1999 7:46:00 AM
From: Lee Lichterman III	Read Replies (2) of 99985

I had datfeed problems again and didn't get to send my charts until around 5 AM this morning. Hopefully you have them now. Boy, I am waaaay behind on my research tonight/day because of it. I have a lot of oversold indications which continues my strange feeling that a major shift in sectors is possible. Note yesterday's transport rally despite rising oil prices. The news is made up to explain the moves but I feel that the top may not be coming so soon due to most people expecting it. Climbing the wall of worry? Note that I have been getting severe overbought readings on many stocks that just continue to rally. I am not bullish but am afraid to short right now as I feel there are too many waiting to short 10K so they may force it up at least until a major earnings warning takes the wind out of the sails. Euro crashing, Asia up hard with the Nikei over 16K for the first time in almost 2 years etc may blow this bubble a little larger in the short term. Like I said, I am way behind so I may be full of bull dung here but too may conflicting signals right now to go hard one way or the other. One warning sign I did notice is that despite advance volume beating declining volume on the broader market, most of the stocks I track dropped on large volume and those that did go up did so on light volume with te exception of transports etc. Strange times as usual, <g> Good Luck, Lee

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