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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 679.68+0.7%Nov 26 4:00 PM EST
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To: Compadre who wrote (12997)5/6/1999 12:12:00 AM
From: StockOperator  Read Replies (2) of 99985
 
Jaime,

I said potential bull trap and it may still apply. The damage done on an intermediate term basis has been real. This damage can sometimes be sudden and dramatic especially when the overall trends have been consolidating for the past couple of months. When I speak of these consolidating trends I am not referring to the overall indexes. The Dow has already been on a tear. However, when you look at companies like GM, T, Dell, Intc, CSCO and so many more, they have indeed been consolidating throughout most of the rise seen in the DOW. When these overall patterns are close to resolving themselves, their trading ranges are usually much tighter, therefore the damage done to the overall trend can happen much faster. Which I believe is what has been happening as of late. IMO, what we have experienced the past couple of weeks is a final shakeout just prior to these patterns breaking out to the upside.

Of course I could be wrong. I think Friday's employment report may be the piece of the puzzle needed to break this consolidation one way or the other. Which is the reason why I believe the best way to play things here is to wait for the news to validate what I am saying. IMO, a positive report will break this market wide open.

Regards,

SO
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