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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

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4:00 PM EST

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To: bobby beara who wrote (10696)	4/12/1999 4:34:00 PM
From: pater tenebrarum	Read Replies (2) of 99985

Bobby, i agree that recent performance of the RUT looks like confirmation for the bulls. we all know that the disparity between SPX & RUT will have to tighten,but the assumption was that it would have to happen via a decline of the big caps. unfortunately people seem to be taking notice. there was an oldtimer on cnbc today who used to be firmly entrenched in the bearish camp and today he's talking about the bullishness of the put/call ratio and the broadening of the advance. i have always contended that an improvement in the a/d-line would ultimately (that means:certainly not yet) turn out to be bearish as conviction among analysts would inevitably rise. i will keep a close eye on how this plays out and keep on posting my observations. btw, jerry favors continues to look for a top (just had a look at his latest newsletter),citing a dow 10500 intra-day high as the highest the market can possibly achieve in the short term. one more reason to stay alert, in spite of the market's impressive performance lately. regards, hb

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