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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 680.44+0.6%Dec 19 4:00 PM EST
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To: GROUND ZERO™ who wrote (9778)4/5/1999 12:45:00 PM
From: Robert Graham  Read Replies (2) of 99985
 
This supports how at times the price action of stocks in the market reminds me of what I would expect in a bear market. I think this has been a split market for some time. I never considered that the bottom may be near. But then look at the extreme low readings some of the breadth indicators have made in the recent past while the market continues to demonstrate to me surprising strength in this context. This market is not as sick as some of these indicators seem to suggest.

At times I do not like the swings of sentiment I have been seeing in some of the price action of stocks, particularly some of the Internet leadership stocks. But I am not used to following this stuff on an intraday basis.

I wonder how much of this is the market being in close proximity to new highs? But then I have notices a pattern of increasing positive market breadth on rallies. It is almonst like the last sell off was part of a type of basing pattern that can precede a run up.

I suspect if both the NASDAQ and the DJIA break to new ground at about the same time, this would be a good positive for the market short term. But I do not like what I have been seeing with the DJIA. Still the S&P 500 has been showing strength in its price action.

Any comments?

Bob Graham
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