MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

0.0%

Nov 14 4:00 PM EST

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To: StockOperator who wrote (11062)	4/14/1999 11:51:00 PM
From: Lee Lichterman III	Read Replies (2) of 99985

Due to volatility in the market today, My weekly charts are now updated at homestead.com under the daily chart link of L3akaL3. The weekly charts are near the bottom. Note that Latin America, Japan, and Mexico index is at downward trendline now with sell signals. Hmmmm As for missing the run up, the stocks I like and would have played are still down from when the DOW was 1500 points lower. ( I guess I am a worse stock picker than even I thought). I have many stocks I track that have not missed earnings, had their expectations lowered and are growing by leaps and bounds yet their stock prices are well below where they were months ago. I still see improvements in the over all market and today's action was in fact healthy and what I wanted to happen. The high flyers needed to get cut and the value stocks need to get bought. On the other hand, as Don pointed out, Alcoa is not an internet stock and should not jump 14% in one day. NBR tonight stated that Alcoa alone moved the DOW up 20 points. IN other words take away that one rise and the DOW actually closed Down. I still can not ignore my TRIN chart that showed the TRIN due to rise thus the market needing to pullback. If the cycle continues as mormal, this pullback should last a few more days before the TRIN chart reverses back down thus allowing the market to resume the rally. There were also some serious support lines and forks broken today which from a TA standpoint hurt future rallies in those stocks and sector indexes. I am not bearish but I am extreme short term bearish, mid term guarded bullish, long term befuddled. Good Luck, Lee

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