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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: donald sew who wrote (11127)	4/15/1999 3:38:00 PM
From: John Pitera	Read Replies (2) of 99985

Don, I wanted to mention that the Morgan Stanley cyclical index CYC.x has moved to the 570 level that was the previous all time high set back in april of 1998. This is an area that should provide resistance, and some E-wavers would consider it a completed "B" wave. Clearly the cyclicals have run-up so much they are vulnerable to a pullback at any point. Several of these companies say that fundamentally business is not looking that much better. Anyway you may want to take a look this. It is important to note that in an idealized Bull market the cyclical issues advance at the end of the cycle to cap off the Bull Run

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