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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 677.56

-2.0%

Jan 20 4:00 PM EST

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To: StockOperator who wrote (11461)	4/19/1999 4:33:00 PM
From: Sonny Blue	Read Replies (3) of 99985

>>that direction is STILL pointing higher.<< I'd doubt it, given what happened today. 140 points on NAZ is about 550 points on the DOW. Billion dollars were lost since NAZ peaked out last week. Psychological damage has been done. Market leadership does not change at the top, so all these rotations into cyclical and energy stocks is just panic money looking for the next hot story. The fundamental reasons for the selloff in techs and nets stocks are threefold in my opinion. First, profit taking must be obvious with all these big gains in Internet stocks. Second, the IRA & 401K inflow stops on April 15. Third, Compaq, Intel and Sun and many other techs have indicated a surprised slowdown in hardware/software sale due to Y2K problems, and earning visibility is close to zero going forward till year end. The trigger point was that when traders found out that Fidelity funds have sharply reduced their techs holding for the whole month of March. There you have it. The story of the tech-led crash 1999!

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