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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 665.67

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Nov 17 4:00 PM EST

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To: Terry Whitman who wrote (9193)	3/26/1999 7:48:00 AM
From: bearshark	Read Replies (2) of 99985

Terry: Some time back a fellow told me he no longer thought that the confirmation part of Dow Theory was valid. As you know, the fundamentals behind that part of the theory tie the Industrials together with the Transports because Industrials make the goods and Transports move the goods. The fellow's point was that today we have a different economy. Specifically, he noted the difference in the Transport's airline component--from a product-moving industry to a people-moving industry. I guess we could respond that railroads once carried the people that airlines do today. We have had the divergence between the INDU and the TRAN for quite some time now. I guess we just have to remain on the alert to the possibilities.

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