MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 695.59

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To: donald sew who wrote (11381)	4/19/1999 7:36:00 AM
From: pater tenebrarum	Read Replies (2) of 99985

Overseas markets: strength in the oslo total index points to a continuation in the rally in oil stocks, and by extension other basic materials stocks. conversely, weakness in the helsinki hex indicates another bout of weakness in tech stocks. a strong overnight showing in the hang seng index argues for a strong day on wall street overall. if my assumptions about options-related moves in the market last week are correct, the nasdaq should overcome it's recent weakness soon. note that the front-month copper contract has started to rally in a series of run-away gap moves. i posted early in april that the move in crude likely presaged moves in other industrial commodities. this view seems to be vindicated now, as paper,steel,copper and aluminum prices continue to firm. many analysts seem to doubt the staying power of the rally in the cyclicals. i expect therefore that the rally has still further to go. hb

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