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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: StockOperator who wrote (11062)	4/19/1999 3:19:00 PM
From: StockOperator	Read Replies (1) of 99985

The markets are always the craziest when you're gone. Unfortunately, I did not get a chance to post over the weekend. My wife and I have been house hunting of late and I'm happy to say that we received an accepted offer yesterday. So I've been a little busy. But I wanted to comment on the market's here. In one of my last posts I wrote I would not initiate any new tech positions until I see firming or reversals in some of the key players I wrote that because much of weakness of last week was predominately in the tech sector. The broader market including the DOW, Trannies, and RUT were very strong. At this stage of the game that statement still applies. I think the main point to remember is that most of the avgs have seen huge moves already (especially the NAZ). The major players on the NAZ have a lot of room to back and fill when considering the overall bullish trend of the market. So I am not willing to say that this is the beginning of a sizeable correction. As a matter of fact the the charts (imo) are not positioned for a serious correction yet. The same thing applies to the time frame of this pull-back. Once again I think it will be wise to see how this day plays out to see where things close. Besides, I just took a look at my chart, I don't know how many of you realized it but the DOW has moved roughly 1000 pts in the month of April. Think about it 1000 pts with almost two weeks to go. I am sure that is some sort of record. So of course it plays to be defensive in light of that. How these markets retrace is what I will be playing close attention to. Good luck trading. SO

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